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Banks write off loans worth ₹2.09 lakh crore in 2022-23
July 24, 2023
Banks wrote off bad loans worth over ₹2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to ₹10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Information (RTI) reply.
This huge loan write-off aided banks to bring down gross non-performing assets (GNPA) or loans defaulted by borrowers to a 10-year low of 3.9 percent of advances in March 2023. Gross NPAs of banks had fallen from ₹10.21 lakh crore in FY2018 to ₹5.55 lakh crore by March 2023, mainly on the back of loan write-offs by banks.
Banks have written off a whopping ₹15,31,453 crore (US $ 187 billion) since FY2012-13, as per RBI data. Banks wrote off bad loans worth over ₹2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to ₹10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Information (RTI) reply.
This huge loan write-off aided banks to bring down gross non-performing assets (GNPA) or loans defaulted by borrowers to a 10-year low of 3.9 percent of advances in March 2023. Gross NPAs of banks had fallen from ₹10.21 lakh crore in FY2018 to ₹5.55 lakh crore by March 2023, mainly on the back of loan write-offs by banks.
Banks have written off a whopping ₹15,31,453 crore (US $ 187 billion) since FY2012-13, as per RBI data.
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