PSU banks wrote off loans worth INR 420.3 bln in Apr-Sept, says govt
This story was originally published at 14:33 IST on 9 December 2024
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MUMBAI - Public sector banks wrote off loans worth INR 420.32 billion in the first six months of the financial year started April, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha.
"Such write-off does not result in waiver of liabilities of borrowers and therefore, it does not benefit the borrower. The borrowers continue to be liable for repayment and banks continue to pursue recovery actions initiated in these accounts through various recovery mechanisms available to them," he said.
State Bank of India wrote off loans worth INR 83.12 billion during Apr-Sept, the highest in the category, followed by Punjab National Bank and Union Bank of India, which wrote off loans worth INR 80.61 billion and INR 63.44 billion, respectively, in the same period, as per the data shared by the government.
In 2023-24 (Apr-Mar), public sector banks wrote off loans worth INR 1.14 trillion, down from INR 1.18 trillion a year ago, the data showed. The recovery of non-performing assets in the first half of the current financial year stood at INR 372.53 billion, as per the data. In FY24, the recovery of bad loans was at INR 827.73 billion. End
Reported by Kshipra Petkar
Edited by Vandana Hingorani
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