New Delhi, Aug 10 : A recent Parliamentary response revealed the fact that scheduled commercial banks had written off loans of around 10 lakh crore in the last five years of financial reporting. According to a statement from the Finance Ministry, during 2021-22 the amount of write-offs came down to Rs 1,57,096 crore, compared to the amount of Rs 2,02,781 crore in 2020-21.
According to the written response of the Minister of State for Finance, Bhagwat K.Karad in Rajya Sabha, during 2019-20 the write-off amount was Rs 2,34,170 crore.This was less than the 2,36,265 cr the most in five years in 2018-19.In 2017-18, the write-offs by banks was 1,61,328 crore.
All in all banks, bank loans totalling of $91,640 crore were wiped out in the last five years – 2017-18 to 2021-22.
He also stated that “scheduled commercial banks (SCBs) and all Indian financial institutions must report certain information on credit of all borrowers with total credit exposure of 5 crore or more to RBI under its Central Repository of Information on Large Credits database.
According to the data according to the data, the most number of willful defaulters was reported at 2,840 during the period of 2020-21 was followed by 2,700 in 2021-22.The number of willful defaulters was 2,207 at the close of March 2019, but it grew to 2,469 in 2019-20.
Gitanjali Gems topped the list of 25 willful defaulters, and was followed by Era Infra Engineering, Concast Steel and Power, REI Agro Ltd and ABG Shipyard Ltd.
In the same way, Mehul Choksi’s firm Gitanjali Gems owes banks a staggering amount of 7,110 crore.Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd 4107 crore.
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