Loans worth ₹1.74 lakh crore were paid off by scheduled commercial banks (SCBs) in the last financial year of 2021-22, union MoS for finance Bhagwat Karad disclosed to the Rajya Sabha on Tuesday.
The minister while replying to a query raised by CPI(M) John Brittas, also stated that ₹33,534 crore were recovered from written-off loans in the last financial year.
MoS Karad in his written reply to the Rajya Sabha noted, “According to Reserve Bank of India (RBI), the amount of loans written off by scheduled commercial banks in the last five financial years was ₹1,61,328 crore in 2017-18; ₹2,36,265 crore in 2018-19, ₹2,34,170 crore in 2019-20; ₹2,02,781 crore in 2020-21 and ₹1,74,966 crore in 2021-22.
Karad’s reply to Brittas’s question further added, “The recovery in written-off loans over the last five financial years was ₹12,881 crore in 2017-18; ₹25,501 crore in 2018-19; ₹30,016 crore in 2019-20; ₹30,104 crore in 2020-21 and ₹33, 534 crore in 2021-2, according to the RBI.”