Tuesday, September 27, 2022

Government Banks write off loans worth Rs 10 lakh crore in last 5 years: Finance Ministry

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Government Banks write off loans worth Rs 10 lakh crore in last 5 years: Banks have written off loans worth about Rs 10 lakh crore in the last five financial years, Parliament was informed on August 2. Minister of State for Finance Bhagwat K Karad provided this information in a written reply in Rajya Sabha. Click here to Join telegram study group 

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Government Banks Write-off amount

#1) During 2021-22, the write-off amount was Rs 1,57,096 crore compared to Rs 2,02,781 crore in the previous year,.

#2) In 2019-20, the write-off was worth Rs 2,34,170 crore.

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#3) In 2018-19, the write-off amount was Rs 2,36,265 crore.

#4) During 2017-18, the write-off by banks stood at Rs 1,61,328 crore,

#5) In all bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years–2017-18 to 2021-22.

Wilful Defaulters Data

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He also said that “scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to RBI under its Central Repository of Information on Large Credits (CRILC) database.”

As per RBI, the CRILC data in respect of wilful defaulters is maintained from 2018-19 onwards.

Total number of wilful defaulters in the last four years stood at 10,306. The highest number of 2,840 wilful defaulters were reported during 2020-21 and 2,700 were reported in 2021-22.

Top Wilful Defaulters

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Gitanjali Gems Ltd tops the list followed by Era Infra Engineering, Concast Steel and Power, REI Agro Ltd and ABG Shipyard Ltd. Absconding diamantaire Mehul Choksi’s company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore. Besides, REI Agro Ltd and ABG Shipyard have defrauded banks of Rs 3,984 crore and Rs 3,708 crore, respectively.

Other wilful defaulters like Frost International Ltd owes Rs 3,108 crore, Winsome Diamonds and Jewellery Rs 2,671 crore, Rotomac Global Private Limited Rs 2,481 crore, Coastal Projects Ltd Rs 2,311 crore and Kudos Chemie Rs 2,082 crore.

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