Banks have recovered only 13% of a staggering amount of loans worth more than Rs 10 lakh crore loans written off in the last five years.
According to a right-to-information request filed by The Indian Express with the Reserve Bank of India (RBI), banks were able to recover just Rs 1,32,036 crore by writing off debts in the last five years. The write-off helped banks reduce their non-performing assets (NPAs) by Rs 10,09,510 crore.
The mega write-off, which would have been enough to eliminate 61% of the projected gross fiscal deficit of Rs 16.61 lakh crore for 2022–23, reduced NPAs to Rs 7,29,388 crore as of March 2022, the RTI revealed. According to the RBI, write-offs reduced NPAs by Rs 13,22,309 crore in the last 10 years.
— source newsclick.in | 21 Nov 2022
