khaskhabar.com : Thursday, 07 December 2023 07:31 AM
New Delhi, . According to RBI data, public sector banks waived off a whopping Rs 3.66 lakh crore of loans in the last three financial years. Data obtained from Moneycontrol.com through RTI shows that these banks wrote off only 1.9 lakh crore during this period. Recoveries worth Rs lakh crore “A total of loans worth Rs 2.09 lakh crore were waived off by banks in 2020-23, of which 52.3 per cent was related to large industries and services,” Minister of State for Finance Bhagwat Karad said in reply to a question in the Lok Sabha. In the process by the RBI, Despite instructions to speed up, public sector banks have been slow in recovering bad loans. In 2022-23, the country’s largest bank SBI waived loans worth Rs 24,061 crore, while its recovery was only Rs 13,024 crore. According to RTI data, Bank of Baroda wrote off Rs 17,998 crore, while its total recoveries stood at just Rs 6,294 crore. Canara Bank appears to be an exception with total loan recoveries of Rs 11,919 crore, which is due in 2022-23. This is more than the amount of loan of Rs 4,472 crore written off in 2017.–IANS
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Web Title-Public sector banks waived off loans worth Rs 3.66 lakh crore in the last three financial years.
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