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Banks have written off Rs 10.57 lakh crore during the last five financial years, of which Rs 5.52 lakh crore was in respect of loans pertaining to large industries, the government informed the Parliament on Tuesday. "As per RBI data, scheduled commercial banks (SCBs) have written off an aggregate loan amount of Rs 10.57 lakh crore during the last five financial years," Minister of State for Finance Bhagwat Karad said in reply to a question in the Rajya Sabha. The scheduled commercial banks have also recovered Rs 7.15 lakh crore of non-performing assets (NPAs) during the five-year period. "Comprehensive steps have been taken to recover NPAs, enabled by which, SCBs have made an aggregate recovery of Rs 7,15,507 crore (RBI provisional data for FY 2022-23) in NPA accounts, including written-off loans, during the last five financial years," he said. In reply to a separate question, Karad said: "Scheduled commercial banks have written off an aggregate amount of Rs 5.52 lakh crore in resp
With two major cases at the final stage of resolution, the Finance Ministry expects bad loan recoveries to touch Rs 1.80 lakh crore during the current fiscal. So far, banks have recovered Rs 1 lakh crore under the Insolvency and Bankruptcy Code (IBC). The recovery is expected to touch Rs 1.80 lakh crore by March 2019 with some of the resolutions at the final stage, Financial Services Secretary Rajiv Kumar said. Lenders are expecting to recover almost Rs 52,000 crore loan in case of Essar Steel while Rs 18,000 crore from Bhushan Power & Steel Ltd. Besides, the NCLT is expected to finalise corporate insolvency resolution process of several stressed assets including Videocon Group, Monnet Ispat, Amtek Auto and Ruchi Soya. According to estimates, the IBC has helped address stressed assets worth approximately Rs 3 lakh crore -- directly or indirectly -- since the new law came into force in December 2016. In 2018, insolvency proceedings against some companies including Bhushan Steel, ..