The number of willful non-repayment of loans increased to 2494, legal action will be started against the guarantors for recovery

The number of willful non-repayment of loans increased to 2494, legal action will be started against the guarantors for recovery

According to Reserve Bank (RBI) data, during the last three financial years, public sector banks (PSBs) have recovered Rs 3,12,987 crore in non-performing assets (NPAs) and written off loans.

Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman told Parliament that the number of willful defaulters in repayment of loans has increased from 2,208 to 2,494 at the end of March 31, 2021. Sitharaman said in a written reply to the Rajya Sabha that as per the Reserve Bank (RBI) data on global operations, during the last three financial years, public sector banks (PSBs) have written off non-performing assets (NPAs) and 3,12,987 crore has been recovered in the loans taken.

He said, according to the Reserve Bank, Public Sector Banks (PSBs) have stated in their report that the number of willful defaulters in repayment of loans was 2,017 as on March 31, 2019. It increased to 2,208 on March 31, 2020 and 2,494 on March 31, 2021.

The Reserve Bank also said that as per the data reported by banks to the Central Repository of Information on Large Credits (CRILC), the total financed amount of borrowers whose loans are classified as bad loans (NPA) is 31 5,73,202 crores, 4,92,632 crores and 4,02,015 crores as on March, 2019, 31st March, 2020 and 31st March, 2021 respectively.

Steps needed to be taken to recover dues

Sitharaman said that banks need to take steps to initiate legal process against borrowers or guarantors for recovery of dues. She added that wherever necessary, they can initiate criminal proceedings against willful defaulters in repayment. Huh.

1.31 lakh crore written off

Replying to another question, the Finance Minister said that public sector banks have written off Rs 1,31,894 crore during 2020-21, which was Rs 1,75,876 crore in 2019-20.

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