Lakshmi Vilas Bank Officers’ Association staged a demonstration here on Sunday against the mounting non-performing assets (NPAs) in the banking sector, including Lakshmi Vilas Bank (LVB).
Stating that the bank was a small private sector bank, founded more than 90 years back, K.V. Tulasiram, general secretary of the association, said the bad loans were affecting both the goodwill and the balance sheet of the bank. “The bank is the custodian of public money. So the bad loans will affect both the public and employees of the bank,” he said.
While the bank was trying legally to recover the bad loans, the Sunday demonstration would be the beginning of a campaign by the association to name and shame the defaulters. “We want to do our bit to help the bank recover the loans,” he added.
As part of the campaign, the employees named a trader in Madurai, who has defrauded the bank to the tune of ₹ 80 crore by hiding sacks of rice husks among sacks of dal that was mortgaged. The employees said that a case was registered by CBI in this regard against proprietors of the company.