As many as 369 big defaulters, with an outstanding of Rs100 crore and more, owe more than Rs1.39 lakh crore to scheduled commercial banks and all India financial institutes (AIFI). Gitanjali Gems Ltd, owned by fugitive businessman Mehul Choksi, remains the top wilful defaulter with an outstanding of Rs8,065 crore as of 31 March 2023, reveals a reply received under the Right to Information (RTI) Act.
As per the written reply by Minister of State for Finance, Bhagwat K. Karad in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore
A recent Parliament reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years.According to a reply by the Finance Ministry, during 2021-22, the write-off amount came .
Scheduled commercial banks (SCBs) have written off non-performing assets (NPAs) worth over Rs9.92 lakh crore during the last five financial years (FYs)