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Write-Off Loan Recovery: The Central Government has told the Parliament that in the last five years, banks have recovered Rs 2 lakh crore of loans which were written off. The Government told the Parliament that the recovery of this bad loan has been done through the SARFAESI Act and the Debt Recovery Tribunal. The government also informed that in four years, banks have written off loans worth Rs 848,182 crore.
Recovery of Rs 202,890 crore right of loan
In the Rajya Sabha, a question was asked to the Finance Minister that in the last five years, how much amount has been recovered by selling the assets of defaulters who had taken loans from banks, which were written off. Responding to this question in writing, Minister of State for Finance Bhagwat Karad said that under the SARFAESI Act and the Debt Recovery Tribunal under the RDB Act, debt recovery is done by banks by selling assets. He told that according to the RBI data, in the last five years from 2017-18 to 2021-22, Rs 154603 crore was recovered through the SARFAESI Act and Rs 48287 crore has been recovered by the banks through the Debt Recovery Tribunal. Right off was done. Means the recovery of Rs 202,890 crore has been done by the banks.
Write off for cleaning up the balance sheet
Bhagwat Karad told in his reply that on completion of four years of NPA, it is written off after provisioning is made in lieu of it. He said that after getting the RBI’s guidelines and policy approved by the board, banks keep doing NPA’s right to clean the balance sheet and take tax benefits.
Rs 848,182 crore write off in 4 years
He said that according to the information received from RBI, scheduled commercial banks have disbursed Rs 2,36,265 crore in 2018-19, Rs 2,34,170 crore in 2019-20, Rs 2,02,781 crore in 2020-21 and Rs 1,74,966 in 2021-22. Has written off the loan of Rs. He said that despite the loan being written off, the responsibility of repaying the loan becomes on the borrower. And the process of loan recovery continues from the Right of Loan account. There is no benefit to the borrower by writing off the loan, rather the process of recovery continues under the law. By the way, adding these figures, in four years, banks have written off loans worth Rs 848,182 crore.
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