Banks recover over Rs. 10 lakh crore in last nine year

Banks have undertaken an aggregate recovery of Rs 10,16,617 crore during the last nine years through measures taken to recover and reduce non-performing assets, the finance ministry has stated in Parliament. The outstanding amount by scheduled commercial banks (SCBs) to corporate company borrowers, classified as non-performing assets (NPA) and having amount outstanding of Rs 1,000 crore or more stood at Rs 1,03,975 crore as on March 31, 2023, Minister of State for Finance Bhagwat Kisanrao Karad said in a written reply to a question in Lok Sabha.

“Comprehensive measures have been taken by the Government and RBI to recover and  to reduce NPAs, including those pertaining to corporate companies, which has enabled  an aggregate recovery of Rs. 10,16,617 crore (RBI provisional data for FY 2022-23) by SCBs during the last nine financial years,” the reply said listing out measures such as changes in Insolvency and Bankruptcy Code, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, setting up of National Asset Reconstruction Company Limited and creation of stressed asset management verticals by SCBs.