The amount owed by wilful defaulters to Indian banks has risen more than ten-fold over the last decade from Rs 23,000 crore on March 31, 2012 to Rs 2.4 lakh crore on May 31 this year. Data from TransUnion Cibil, a credit information company, shows defaults increased significantly during the lockdown to touch Rs 2.6 lakh crore in March 2021, but have since come down a little.
The data pertains only to those accounts in which suits have been filed against wilful defaulters with outstanding amounts of Rs 25 lakh or more. As of May 31, there were over 12,000 such defaults. The amount of Rs 2.4 lakh crore is 2.7 times the allocation of Rs 86,200 crore to the health ministry and 42% more than the Rs 1.4 lakh crore allocated to the rural development ministry, which funds MGNREGA.
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