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LATEST NEWS UPDATES | SBI, PNB, ICICI, HDFC among 8 top banks witnessing wilful defaults surge -Shayan Ghosh

SBI, PNB, ICICI, HDFC among 8 top banks witnessing wilful defaults surge -Shayan Ghosh

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published Published on Dec 14, 2020   modified Modified on Dec 14, 2020

-Livemint.com

* SBI saw total wilful defaults rise by around 14,000 crore in the six months to September to 58,475 crore

*ICICI Bank is the only outlier when seen on a standalone basis, with wilful defaults falling 0.2%

Eight of India’s biggest banks have seen a significant jump in wilful defaults in the six months to September, with such loans rising by over 37,000 crore to 1.5 trillion, shows data on suit-filed accounts from credit bureau TransUnion Cibil.

These banks—State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank and Axis Bank—account for 75% of all loans reported as wilful defaults as of 30 September.

In the same period last year, the increase was about 10,000 crore.

The merger of some state-run banks on 1 April naturally led to the anchor banks taking over wilful defaulters on their books. But this is not the only space where wilful defaults have risen.

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Livemint.com, 14 December, 2020, https://www.livemint.com/industry/banking/sbi-pnb-icici-hdfc-among-8-top-banks-witnessing-wilful-defaults-surge-11607909913464.html


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