According to Nirmala Sitharaman, banks have written off bad loans of Rs 10 lakh crore over the past five fiscal years

Banks have written off bad loans of Rs 10,09,511 crore over the last five fiscal years, according to Finance Minister Nirmala Sitharaman on Tuesday.

In a response to a question from the Rajya Sabha, Sitharaman stated that the non-performing assets (NPAs), including those for which full provisioning had been made at the end of four years, had been written off from the balance sheet of the relevant bank.

“In compliance with RBI guidelines and policy that has been endorsed by their boards, banks write off NPAs as part of their routine process to optimise capital, clean up their balance sheet, and take advantage of tax benefits. Scheduled Commercial Banks (SCBs) wrote off a total of Rs 10,09,511 crore during the previous five fiscal years, according to information received from RBI “She was quoted by PTI.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close