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Wilful Defaulters Owe Rs. 92,000 Crore to Public Sector banks
August 18, 2017
The total value of the outstanding loans at the end of the previous fiscal i.e. FY 17 stood at Rs. 92,376 crores as reported by the Public Sector Banks. Compared to the Rs. 76,685 crore value of the outstanding loans reported at the end of FY 16 it’s a jump of 20.4%. Moreover, the total number of wilful defaulters have increased to 8,915, an increase of 10% from the previous fiscal.
The problem of bad loans is so significant that in 2016-17, SBI and its former associates alone had to write off Rs. 27,574 crore of NPAs.