Difficult to change when you are so old.

Resolution professionals, or RPs, "are appointed by courts to revive or wind down delinquent companies" in India, "to clean up the $210 billion of stressed debt choking its financial system", wrote B Shrivastava. "But they face treacherous terrain: Obstructionist owners, worker protests and even the rare kidnapping." "India has a bad-loan ratio that's second only to Italy among major economies, and its central bank expects the problem to worsen." That is where RPs come in. "There are a lot of expectations from everyone," said A Chhawchharia. "The RP is essentially parachuting into the middle of a mess and has to fix it all in 270 days at most." The Insolvency and Bankruptcy code protects the rights of secured financial creditors, read banks, but not operational creditors, who are unpaid vendors, wrote Prof R Prasad and YB Mathur. In the recent case of Bhushan Steel the National Corporate Law Tribunal (NCLT) rejected a claim of Rs 9.62 billion by engineering and construction company L&T. That is because the law was designed to protect banks, mainly those owned by the government. Just as the Obama administration worked to protect bankers, while millions of people lost their homes to foreclosure by the same banks. Non Performing Assets, or NPAs, in Indian banks have reached Rs 10.17 trillion . Banks wrote off Rs 2.25 trillion in the 5 years to March 2016. Banks are posting losses because of having to account for bad loans. As long as this lasts they are reluctant to lend. The Prime Minister claimed in Parliament that the previous Congress government looted banks by what he called "telephone banking". "The story of NPA began in 2008. Before the 2009 elections, Congress felt that there was a year to go so it opted to empty as many banks as possible. Once they got into this habit, the underground loot stretched from 2009 2014." Indeed. This government is forgiving loans to farmers exactly as the Congress did in 2008. But, whereas the total bill was around Rs 700 billion in 2008, it is expected to cost Rs 2.7 trillion this time round. The total of farm loan waivers and Mudra loans could exceed Rs 5 trillion, wrote V Kaul. NPAs in affordable housing loans, another scheme of Modi, have jumped to 4.1% from 3.3% a year ago. The problem with hot air is that there is no result. No politician or civil servant, who committed these crimes, has been arrested but a lot of bank officials, including retired ones, are being randomly arrested by investigating agencies. Public sector banks are never going to be rid of bad loans because of political interference and lack of accountability, wrote Prof N Kaushal. We know. That is why the government was forced to withdraw the Financial Resolution and Deposit Insurance (FRDI) bill which guaranteed just Rs 100,000 to depositors in case a bank went bust. India is old. So our governments don't change.