Centre says banks recovered over Rs 10 lakh crore from defaulters in last nine years

New Delhi [India], July 26 (ANI): Banks in India have recovered non-performing assets worth Rs 10.16 lakh crore on an aggregate basis in the past nine years, Minister of State (MoS) Finance Bhagwat Karad informed Parliament.
In the ongoing monsoon session of Parliament, the government was asked to respond about the effective measures to recover the bad loans and NPA amount from corporate companies.
The minister responding to an unstarred question in Lok Sabha on Monday, citing the Central Repository of Information on Large Credits data, stated that corporate company borrowers classified as non-performing assets (NPA) and having outstanding amounts of Rs 1,000 crore or more are yet to settle around Rs 103,975 crore till March 2023.

“The Reserve Bank of India (RBI) has apprised that the total loan amount recovered from corporate company borrowers classified as NPAs is not maintained by it,” Karad said.

Further, the minister also listed a few reforms his government brought to resolve stressed assets. Introduction of Insolvency and Bankruptcy Code, 2016 (IBC) to change the creditor-borrower relationship, setting up of National Asset Reconstruction Company Limited to resolve stressed assets above Rs 500 crore, automated Early Warning Systems are some of them. (ANI)