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LATEST NEWS UPDATES | Parliament proceedings -- Banks wrote off ₹1.15 lakh cr. in nine months of FY21: Anurag Thakur

Parliament proceedings -- Banks wrote off ₹1.15 lakh cr. in nine months of FY21: Anurag Thakur

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published Published on Mar 9, 2021   modified Modified on Mar 11, 2021

-The Hindu

“As per RBI data, scheduled commercial banks (SCBs) have written off loans of 2,36,265 crore, 2,34,170 crore and 1,15,038 crore during FY2018-19, FY2019-20 and the first three-quarters of FY2020-21 respectively,” the Minister said.

Banks have written off bad loans to the tune of 1.15 lakh crore in the first three-quarters of the current fiscal, the Lok Sabha was informed on March 8.

As per RBI guidelines and policy approved by bank boards, non-performing loans, including those in respect of which full provisioning has been made on completion of four years, are removed from the balance-sheet of the bank concerned by way of write-off, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha.

Banks evaluate the impact of write-offs as part of their regular exercise to clean up their balance-sheet, avail tax benefit and optimise capital in accordance with RBI guidelines and policy approved by their boards, he said.

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The Hindu, 9 March, 2021, https://www.thehindu.com/business/Economy/banks-wrote-off-115-lakh-cr-in-nine-months-of-fy21-thakur/article34025763.ece


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