Banks write off Rs 10L cr in last 5 FYs

  • IANS
  • Stock Market News
Banks write off Rs 10L cr in last 5 FYs
Credit: © Reuters.

New Delhi, Aug 10 (IANS) A recent Parliament reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years.

According to a reply by the Finance Ministry, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in 2020-21.

As per the written reply by Minister of State for Finance, Bhagwat K. Karad in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore.

In all, bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years -- 2017-18 to 2021-22.

He also said that "scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to RBI under its Central Repository of Information on Large Credits database.

As per the data, the highest number of 2,840 wilful defaulters reported during 2020-21 was followed by 2,700 in 2021-22. The number of wilful defaulters stood at 2,207 at the end of March 2019 that rose to 2,469 in 2019-20.

Gitanjali Gems (NS: GTGM ) topped the list of 25 wilful defaulters followed by Era Infra Engineering, Concast Steel and Power, REI Agro Ltd and ABG Shipyard Ltd. (NS: ABGS )

Similarly, Mehul Choksi's company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore.

--IANS

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