Banks who canceled sluggish dues of Rs 16.35 lakh crore in last 10 years

In the last 10 financial years, banks have almost Rs. Union Finance Minister Nirmala Sitarman told Parliament on Monday that the invalid property (NPA) or a sluggish dues of Rs 16.35 lakh crore have been canceled.

In the financial year 2018-19, the highest amount of Rs 2,36,265 crore and Rs 58,786 crore in 2014-15. In 2023-24, banks waived Rs 1,70,270 crore.

In response to Finance Minister Nirmala Sitarman, Finance Minister Nirmala Sitarman said that banks would be canceled, including the Reserve Bank of India (RBI) guidelines and banks of banks, which has been completed four years after the completion of four years.

He said that such exemption will not be forgiven by borrower loans and hence the borrower would not benefit.

He explained that banks continue to work under the Civil Court or Deits Recovery Tribunal, security, restructuring, restructuring, security interest law and in the Law Tribunal in the Law Tribunal.

Regarding recovery of backlog from borrowers, banks issued calls, emails / letters to borrowers about payment of expired deposits. Based on the default amount, banks resort to the National Company Law Tribunal to start the corporate bankruptcy process in terms of corporate borrowers.

If the loan account is classified as NPAs, the banks will initiate recovery action according to their board -printed policies. Claiming in civil courts or loan recovery tribunals, security of financial assets and restructuring security interest law.

Responding to another question, Nirmala Sitarman said that the government has decided to set up the 8th wage committee (CPC). After the government approves the recommendations of the 8th wage committee, the economic impact is known.