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Banks write off loans worth Rs 9.90L cr in last 5 financial years
Millennium Post Delhi
|August 07, 2024
In a startling revelation to Parliament on Tuesday, it was disclosed that banks have written off loans amounting to Rs 9.90 lakh crore over the past five financial years.
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The information, shared by Minister of State for Finance Pankaj Chaudhary in a written reply to the Rajya Sabha, sheds light on the massive scale of non-performing assets (NPAs) in the banking sector.
The write-offs, while showing a declining trend, remain substantial. For the fiscal year 2023-24, banks wrote off loans worth Rs 1.70 lakh crore, down from Rs 2.08 lakh crore in the previous year. The highest write-off was recorded in 2019-20 at Rs 2.34 lakh crore, which subsequently decreased to Rs 2.02 lakh crore in 2020-21 and Rs 1.74 lakh crore in 2021-22.
Chaudhary explained that these write-offs are conducted in accordance with Reserve Bank of India (RBI) guidelines and policies approved by bank boards.
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