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.
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