'Pvt bank write-offs from covid double those of PSBs'

Private sector banks have seen slippages and loan write-offs at 44%, as against 23% in the case of PSBs

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Private sector banks' slippages and write-offs from loans restructured after the COVID-19 pandemic are almost double than that of their State-owned peers, a report said on Friday.

Private sector banks have seen slippages and loan write-offs at 44%, as against 23% in case of public sector banks, the report by India Ratings and Research (Ind-Ra) said, calling the trend “surprising”.

The domestic rating agency analysed annual results of lenders for FY23. It found that the peak of restructured assets in bank books was in September 2022, when the overall quantum of recast loans had touched ₹2.2 lakh crore.