Nirmala Sitharaman, the Union Finance Minister, said in the Lok Sabha on December 19 that scheduled commercial banks have written off loans totalling more than $10,09 lakh crore over the course of the last five fiscal years, and the process of collecting debts from debtors is ongoing.
According to Ms. Sitharaman, the process of recovering NPA (non-performing asset) accounts, including loans that have been written off, is ongoing.
Data from the Reserve Bank of India (RBI) show that public sector banks have recovered $4,80,111 in the last five fiscal years, including $1,03,045 in written-off loans, she added.
This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.
ALL INDIA LEGAL FORUM 