Post by Sushila
Joshimath Disaster: An inevitable result of long neglect of scientific warnings, of gross financialization of nature and total lack of Environmental and Social Safeguard Policies!
It is a story of a disaster foretold decades ago and yet the government, ministries, financial institutions and public sector enterprise all have failed to pay heed to experts!
NTPC has raised hundreds of crores through issue of bonds by showing the Tapovan - Vishnugarh project as one of the ‘securities’. LIC, Central Bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank are some of the institutional lenders to these bonds. This is not just with this one project, as of March 2017, long-term loan borrowing of NHPC stood at Rs. 17,246 crores which includes secured loans. The secured loans include borrowings from domestic banks and financial institutions like State Bank of India, Indian Overseas Bank, ICICI Bank Limited, Jammu & Kashmir Bank Limited, Bank of India, Axis Bank, State Bank of Patiala, State Bank of Bikaner & Jaipur, HDFC Bank, IndusInd Bank, Bank of Baroda, Central Bank of India, Kotak Mahindra Bank, RBL Bank, Life Insurance Corporation, Power Finance Corporation, and Rural Electrification Corporation. Not a single one of these institutions have an environment and safeguard policy with accountability mechanisms!
WA post: secured loans means not mandatory to return back Secured loans means they have a collateral to fall back on in case of default.
JD: No Trump! Just the Aces and Kings and Queen Rule. the PMLA act will give the banks some less than 50% of their principal. That's security in the name of Development...and ease of doing business..