New Delhi :The banks have written off 11.17 lakh crore rupees in bad loans in the last six years. The information came from Finance Minister Nirmala Sitaraman and Minister of State for Finance, Bhagwat Karad, in reply to questions raised in the Lok Sabha on Wednesday. They also explained to the House that amounts are written off as bad debts when efforts to recover the loans becomes unsuccessful over four years. However, efforts to get the monies will continue, they added.
Of the total bad debts, 8.16 lakh crore pertain to borrowings lend by public sector banks. As on 30 June, 2022 a total of Rs 12,439 people owe over Rs 25 lakh each in bad debts. The public sector banks were able to recover Rs 4.8 lakh crore in this category and another Rs 1.06 lakh crores written off over the past five years.
Of the bad debts, 50 bigtime businessmen have been willful defaulters to Rs 9.26 lakh crores and diamond merchant Mehul Choksi is the front runner in this regard. He fled overseas and owes rs Rs 7848 crores to banks. The figures stated are as per balance sheets on 31 March, 2022.
Other willful defaulters are : IRA Infra–- 5879 Crore, Rego Agro–- 4803 Crore, Congest Steel and Power–- 4596 Crore, ABG Shipyard–- 3708 Crore, Frost Industries–- 3311 Crore, Winsum Diamonds–- 2931 Crore, Rotomac Global–- 2893 Crore , Coastal Project-- 2311 crores is the next list.
