The information, shared by Minister of State for Finance Pankaj Chaudhary in a written reply to the Rajya Sabha, sheds light on the massive scale of non-performing assets (NPAs) in the banking sector.
The write-offs, while showing a declining trend, remain substantial. For the fiscal year 2023-24, banks wrote off loans worth Rs 1.70 lakh crore, down from Rs 2.08 lakh crore in the previous year. The highest write-off was recorded in 2019-20 at Rs 2.34 lakh crore, which subsequently decreased to Rs 2.02 lakh crore in 2020-21 and Rs 1.74 lakh crore in 2021-22.
Chaudhary explained that these write-offs are conducted in accordance with Reserve Bank of India (RBI) guidelines and policies approved by bank boards.
This story is from the August 07, 2024 edition of Millennium Post Delhi.
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This story is from the August 07, 2024 edition of Millennium Post Delhi.
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