Aug 18, 2012, 12.59AM ISTNEW DELHI: The government is asking banks and financial institutions to prevent willful defaulters from floating new ventures for at least six years by choking the flow of funds, especially long-term capital.
Even auditors of these companies, who are seen to be negligent, could face action with the finance ministry suggesting that lenders lodge complaints with the Institute of Chartered Accountants of India (ICAI), the regulator for the profession.
The suggestions come at a time when there has been spurt in bad debt of banks with gross NPAs as a percentage of loans rising to 3.5% at the end of June 2012 from 2.6% a year ago. During this period, private sector players, both new and old generation banks, had witnessed a decline in the proportion of gross NPAs.
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