Nirmala Sitharaman: Rs 10 lakh crore was written off in five years, Finance Minister said in Lok Sabha

Scheduled commercial banks have written off Rs 10,09,511 crore in the last five financial years and are in the process of recovering dues from borrowers. Union Finance Minister Nirmala Sitharaman gave this information to the Lok Sabha on Monday. Sitharaman said that recovery in NPA (Non-Performing Asset) accounts including loans written off is a continuous process. He said that according to the Reserve Bank of India (RBI) data, public sector banks have made loan recovery of Rs 4,80,111 crore during the last five financial years, including Rs 1,03,045 crore of written-off loans. Huh.

Sitharaman said during the Question Hour, "As per the information received from RBI, scheduled commercial banks have written off Rs 10,09,511 crore during the last five financial years." Banks will continue to be liable for the same and the process of recovery of dues from the borrowers in the written-off loan accounts is on. Sitharaman said that the banks will continue the recovery action initiated in the written-off accounts through various recovery mechanisms available to them. Actions include filing suits in civil courts or debt recovery tribunals, action under the Securitization and Reconstruction of Financial Assets and Security Interest Act, 2002, filing cases under the National Company Law Tribunal under the Insolvency and Bankruptcy Code, etc..

Also Read: IMF: G20 will progress in debt relief, crypto and climate sector under the chairmanship of India, said Geeta Gopinath