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PSBs take Action Against Close to 6k Wilful Defaulters
August 31, 2017
Under the Sarfaesi law, several Public Sector Banks (PSBs) have taken loan recovery action against 5,954 wilful defaulters that had a collective debt of Rs. 70,000 crores.
As per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 21 PSBs took action against 5,954 wilful defaulters by the end of March 31, 2017. India’s largest lender State Bank of India took action against 1,444 defaulters that owed it Rs. 20,943 crores. The remaining 20 took action against 4,510 defaulters that were Rs. 48,496 crores in debt.
