Defaulters | SabrangIndia News Related to Human Rights Wed, 10 Aug 2022 04:36:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://sabrangindia.in/wp-content/uploads/2023/06/Favicon_0.png Defaulters | SabrangIndia 32 32 Banks write off about Rs 10 lakh crore in last five financial years https://sabrangindia.in/banks-write-about-rs-10-lakh-crore-last-five-financial-years/ Wed, 10 Aug 2022 04:36:36 +0000 http://localhost/sabrangv4/2022/08/10/banks-write-about-rs-10-lakh-crore-last-five-financial-years/ Highest number of wilful defaulters reported during 2020-21

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New Delhi: A recent Parliament reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years.

According to a reply by the Finance Ministry, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in 2020-21.

As per the written reply by Minister of State for Finance, Bhagwat K. Karad in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore.

In all, bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years — 2017-18 to 2021-22.

He also said that “scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to RBI under its Central Repository of Information on Large Credits database.

As per the data, the highest number of 2,840 wilful defaulters reported during 2020-21 was followed by 2,700 in 2021-22. The number of wilful defaulters stood at 2,207 at the end of March 2019 that rose to 2,469 in 2019-20.

Gitanjali Gems topped the list of 25 wilful defaulters followed by Era Infra Engineering, Concast Steel and Power, REI Agro Ltd and ABG Shipyard Ltd.

Similarly, Mehul Choksi’s company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore.

Courtesy: The Daily Siasat

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]]> They came, they borrowed, they got away (without repayment) https://sabrangindia.in/they-came-they-borrowed-they-got-away-without-repayment/ Sat, 24 Feb 2018 07:30:33 +0000 http://localhost/sabrangv4/2018/02/24/they-came-they-borrowed-they-got-away-without-repayment/ As skeletons continue to tumble out of closets of some of the most reputed Indian banks, the list of willful defaulters is growing. Many people and corporations have scammed the system and twisted it, often with inside help from corrupt bank officials themselves. The beneficiaries of such loans are many and the list of those […]

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]]> As skeletons continue to tumble out of closets of some of the most reputed Indian banks, the list of willful defaulters is growing. Many people and corporations have scammed the system and twisted it, often with inside help from corrupt bank officials themselves. The beneficiaries of such loans are many and the list of those who have not repaid their dues is long, with new names being added every day. Sabrang India has managed to secure one such list which names many known defaulters.

You can read the list here.

 

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