The Andhra Pradesh government, headed by Chief Minsiter YS Jagan Mohan Reddy, has become infamous for the huge amounts of debts that it took from various banks in the state. This is hundreds of crores of rupees in debt from several banks spread across the state, the details of which are known to none except the banks and the YSRCP government.
What the government put as collateral, how much the government took from each bank as a loan, what the interest amount is, and various other details regarding these debts are under total wraps, and no one seems to be particularly forthcoming about the information. However, it looks like the banks might have to speak up, at least to the RBI, now that the RBI has begun asking questions.
It is being said that loans were taken by the government through illegal means as well, with the help of people working in the banks. This is particularly not a favorable scenario for the banks or the people working in them. All in all, every bank that has given the AP government loan seems to be in deep trouble right now.
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