Beware loan defaulters! Banks to publish photos in newspapers

March 10, 2013

Beware_loan_defaultersNew Delhi, Mar 10: Adopting a name and shame policy to make borrowers pay their dues, banks have decided to publish in newspapers photographs and details like names and addresses of wilful loan defaulters and market leader SBI has taken the lead in doing so.

Besides, banks would also publish photographs, names and addresses of guarantors of such defaulters in newspapers if the dues are not cleared within 15 days of the notice containing particulars of the original borrowers.

Some banks have also decided to prominently display the photographs and other details of the wilful loan defaulters at branches in the locality of such borrowers, a senior executive with a leading bank said.

Taking the lead, State Bank of India has begun publishing photographs and other particulars of such defaulters and has published one such public notice in newspapers for five defaulters in the national capital.

These persons had taken export credit loans of Rs. three lakh each and their outstanding amounts were in the range of Rs. 2.6 lakh to Rs. 2.93 lakh.

Executives at many other banks said that they would also publish the photographs and other details of their wilful defaulters in local newspapers circulated in areas of residence of such persons.

As per RBI's regulations, wilful defaulters are mostly those who are found to be engaged in deliberate non-payment of dues despite adequate cash flow and good networth.

Besides, banks can also classify defaulters as 'wilful' if the loans are utilised for purposes other than those previously stated, funds are siphoned off from the bank-financed activity, records are falsified, securities are disposed of without bank's knowledge and the borrower indulges in fraudulent transactions.

RBI has already put in place a system to disseminate credit information pertaining to wilful defaulters for

cautioning banks and financial institutions, so that any further bank finance is not made available to such borrowers.

Now, banks have decided to make public the photographs and other details of wilful loan defaulters through newspaper notices, so that such borrowers clear their dues. Besides, banks also expect such notices to act as a deterrent for others against any loan defaults.

In one such notice, SBI said that names and photographs of the guarantors of those defaulters would be published in newspapers if these borrowers do not clear their dues within 15 days of the publication of notice.

The bank also warned other defaulters that "their photograph may be the next to be published after completion of necessary formalities, if the dues are not cleared immediately".

RBI has also asked Credit Information Bureau India Ltd (CIBIL) to publish a list of wilful defaulters involving defaults of Rs. 25 lakh and above.

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Agencies
June 24,2020

New Delhi, Jun 24: The Centre has made it mandatory for sellers to enter the 'Country of Origin' while registering all new products on government e-marketplace (GeM).

The e-marketplace is a special purpose vehicle (SPV) under the Ministry of Commerce and Industry which facilitates the entry of small local sellers in public procurement, while implementing 'Make in India' and MSE Purchase Preference Policies of the Centre.

Accordingly, the ministry said the move has been made to promote 'Make in India' and 'Atma Nirbhar Bharat'.

The provision has been enabled via the introduction of new features on GeM.

Besides the registration process, the new feature also reminds sellers who have already uploaded their products, to disclose their products' 'Country of Origin' details.

The ministry further said that failing to disclose the detail will lead to removal of the products from the e-marketplace.

"GeM has taken this significant step to promote 'Make in India' and 'Aatmanirbhar Bharat'," the ministry said in a statement.

"GeM has also enabled a provision for indication of the percentage of local content in products. With this new feature, now, the 'Country of Origin' as well as the local content percentage are visible in the marketplace for all items. More importantly, the 'Make in India' filter has now been enabled on the portal. Buyers can choose to buy only those products that meet the minimum 50 per cent local content criteria."

In case of bids, the ministry said that buyers can now reserve any bid for a "Class I Local suppliers. For those bids below Rs 200 crore, only Class I and Class II Local Suppliers are eligible to bid, with Class I supplier getting purchase preference".

In addition to this, the Department for Promotion of Industry and Internal Trade (DPIIT) has reportedly called for a meeting with all e-commerce companies such as Amazon and Flipkart to display the country of origin on the products sold on their platform, as well as the extent of value added in India.

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Agencies
January 19,2020

New Delhi, Jan 19: Messaging service WhatsApp which on Sunday faced issues in transmitting multimedia content including pictures and images, prompting social media users to share hilarious memes and messages, resumed regular services after over two hours.

#WhatsAppDown was the trending hashtag on Twitter for most part of Sunday afternoon in India along with several other countries such as Brazil, Europe and also parts of Middle-East including UAE, reported downdetector.in, a realtime problem and outage monitoring website.

Users of the popular messaging app were unable to send media files, stickers and GIFs.

Most users immediately went to Twitter to find out about the problem and check if others were facing the same issue.

Numerous tweets and memes took over the internet as soon as the news broke about the WhatsApp tech issue. After around two hours of technical glitch, the app resumed full service.

Even after full recovery of media transfer, people globally still continued checking the status of the messaging app.

WhatsApp has been one of the prime messaging apps since May 2009 and has recently collaborated with Facebook.

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News Network
July 24,2020

Melbourne, Jul 24: Home-made cloth face masks may need a minimum of two layers, and preferably three, to prevent the dispersal of viral droplets associated with Covid-19, according to a study.

Researchers, including those from the University of New South Wales in Australia, noted that viral droplets are generated by those infected with the novel coronavirus when they cough, sneeze, or speak.

As face masks have been proven to protect healthy people from inhaling infectious droplets as well as reducing the spread from those who are already infected, several types of material have been suggested for these, but based on little or no evidence of how well they work, the scientists said.

In the current study, published in the journal Thorax, the researchers compared the effectiveness of single and double-layer cloth face coverings with a surgical face mask (Bao Thach) at reducing droplet spread.

They said the single layer covering was made from a folded piece of cotton T shirt and hair ties, and the double layer covering was made using the sew method described by the US Centers for Disease Control and Prevention (CDC).

The scientists used a tailored LED lighting system and a high-speed camera to film the dispersal of airborne droplets produced by a healthy person with no respiratory infection, during speaking, coughing, and sneezing while wearing each type of mask.

Their analysis showed that the surgical face mask was the most effective at reducing airborne droplet dispersal, although even a single layer cloth face covering reduced the droplet spread from speaking.

But the study noted that a double layer covering was better than a single layer in reducing the droplet spread from coughing and sneezing.

According to the researchers, the effectiveness of cloth face masks is dependent on the number of layers of the covering, the type of material used, design, fit as well as the frequency of washing.

Based on their observations, they said a home made cloth mask with at least two layers is preferable to a single layer mask.

"Guidelines on home-made cloth masks should stipulate multiple layers," the scientists said, adding that there is a need for more research to inform safer cloth mask design.

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