SBI cleans up its balance sheets by writing off loans of 63 willful defaulters, including Vijay Mallya

State Bank of India (SBI) has started to clean-up its balance sheets by writing off loans worth around Rs 7,016 crore as the bank can see its efforts to recover its dues meeting a dead end.

According to an exclusive report by DNA, in the list, 63 accounts have been totally cleaned fully, 31 partially and six have been marked as non-performing assets (NPAs).

SBI has mostly dropped the money willfully under Collection Account (AUCA), commonly known as a write-off. This information surfaced a week after government announced the demonetization of currency notes.

Now, loans given to Vijay Mallya's Kingfisher Airlines, which heads the wilful defaulters' list with outstanding dues of almost Rs 1,201 crore, and 62 others will not be shown in the bank's balance sheet.

Others in the top 20 of the list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).

Most of these write-off accounts are those of wilful defaulters.

Reportedly, SBI has pot all such accounts under AUCA.



(image: Indiatimes)