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Nirmala Sitharaman informed the Parliament! 10 lakh crore bad debt written off in 5 years

NPAs Write Off: Finance Minister Nirmala Sitharaman has given information in the Rajya Sabha on Wednesday about the amount written off by the banks of the country’s banks. Presenting the data of the last 5 years in the Parliament, the Finance Minister said that in the last five years, banks have written off a total of Rs 10 lakh 9 thousand 511 crore bad loans and this balance has been transferred to the books of accounts. removed from.

Finance Minister presented the figure in Parliament
Presenting the figures of the last five years in the Parliament, Finance Minister Nirmala Sitharaman has told that the loans stuck in the banks for the last five years have been transferred to the write-off account as per the RBI guidelines. Along with this, banks have also rectified their existing books. According to the Reserve Bank’s data, banks have written off more than 10 lakh crores in the last five years.

Even after writing off the amount, the recovery of the amount is also continued.
Giving information about the written off loan, Nirmala Sitharaman has told that the borrower does not get the benefit of the written off loan amount. The bank will continue to recover these amounts from the borrower from time to time. The borrower will be held liable to repay the amount. Banks have been making continuous efforts to recover these money. For this, you can also knock on the door of the bank court. Along with this, banks are also capable of taking action against the borrower under the insolvency related law. The court can take action against such people under the Insolvency Law Code 2016.

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Amount written off not waived-
In response to the question of recovery of the amount deposited in the written off account in the Parliament, Minister of State for Finance Bhagwat Karad has replied that the loans which have been written off by us are not in the category of loans forgiven by the government. is put. Karad told that in the financial year 2021-22, Rs 1,74,966 crore was written off, but later banks recovered Rs 33,534 crore from this write off account. Giving clarification on this matter, the Finance Minister has said that it would be wrong to say that the government has waived the loan. Loan transfer to write off account and loan waiver are two different things.

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