Parliamentary proceedings: FM writes off loans totalling 10,09,511 crores in five years

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.

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