Wednesday, February 08, 2023

News Destination For The Global Indian Community

News Destination For The Global Indian Community

TRADE & COMMERCE
LifeMag
Bank NPA story of twist and turn

Bank NPA story of twist and turn

Finally, the NDA Government has shared details of the top wilful defaulters with the nation. The top 50 wilful defaulters collectively owed ? 92,570 crore to Indian banks as of March 31, 2022. A wilful defaulter is a financial term used for borrowers who have the means to pay the loan back but don't. These borrowers are debarred from any facility of banks or other financial institutions.

In a written response, Bhagwat Karad, the minister of state for finance, told the Lok Sabha that Gitanjali Gems, owned by fugitive diamond merchant Mehul Choksi defaulted on loans worth ? 7,848 crore. The next on this list of biggest loan defaulters were Era Infra (Rs 5879 crore) and Reigo Agro (Rs 4803 crore). The minister was citing data from the Reserve Bank of India.

Companies like Concast Steel and Power (Rs 4,596 crore), ABG Shipyard (Rs 3,708 crore), Frost International ? 3,311 crore), Winsome Diamonds and Jewellery ? 2,931 crore), Rotomac Global (Rs 2,893 crore), Coastal Projects ? 2,311 crore) and Zoom Developers (Rs 2,147 crore) are mentioned in the list.

The gross non-performing assets (NPAs) of state-owned banks had dropped by over ? 3 lakh crore after peaking at ? 8.9 lakh crore. Following RBI's Asset Quality Review, the gross NPAs have come down ? 5.41 lakh crore.

India's largest public sector bank State Bank of India, topped this list with ? 2 lakh crore of write-offs, followed by Punjab National Bank (PNB) with ? 67,214 crore. Among private lenders, ICICI Bank wrote off the highest ? 50,514 crore of loans, followed by HDFC at ? 34,782 crore.  

In his reply to the lower house of the Parliament, Karad reiterated the government's commitment to action against the defaulters. He stated that measures were being taken to recover the loan amount.

 

Bank NPA story of twist and turn

Bank NPA story of twist and turn

Finally, the NDA Government has shared details of the top wilful defaulters with the nation. The top 50 wilful defaulters collectively owed ? 92,570 crore to Indian banks as of March 31, 2022. A wilful defaulter is a financial term used for borrowers who have the means to pay the loan back but don't. These borrowers are debarred from any facility of banks or other financial institutions.

In a written response, Bhagwat Karad, the minister of state for finance, told the Lok Sabha that Gitanjali Gems, owned by fugitive diamond merchant Mehul Choksi defaulted on loans worth ? 7,848 crore. The next on this list of biggest loan defaulters were Era Infra (Rs 5879 crore) and Reigo Agro (Rs 4803 crore). The minister was citing data from the Reserve Bank of India.

Companies like Concast Steel and Power (Rs 4,596 crore), ABG Shipyard (Rs 3,708 crore), Frost International ? 3,311 crore), Winsome Diamonds and Jewellery ? 2,931 crore), Rotomac Global (Rs 2,893 crore), Coastal Projects ? 2,311 crore) and Zoom Developers (Rs 2,147 crore) are mentioned in the list.

The gross non-performing assets (NPAs) of state-owned banks had dropped by over ? 3 lakh crore after peaking at ? 8.9 lakh crore. Following RBI's Asset Quality Review, the gross NPAs have come down ? 5.41 lakh crore.

India's largest public sector bank State Bank of India, topped this list with ? 2 lakh crore of write-offs, followed by Punjab National Bank (PNB) with ? 67,214 crore. Among private lenders, ICICI Bank wrote off the highest ? 50,514 crore of loans, followed by HDFC at ? 34,782 crore.  

In his reply to the lower house of the Parliament, Karad reiterated the government's commitment to action against the defaulters. He stated that measures were being taken to recover the loan amount.

 

Leave a comment

Comments (0)

Related Articles

Opinion Express TV

Shapoorji Pallonji

GOVNEXT INDIA FOUNDATION

CAMBIUM NETWORKS TECHNOLOGY

Opinion Express Magazine

TRANS GLOBE ADVISORS