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A recent <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years. According to a reply by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword>, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in 2020-21. As per the written reply by Minister of State for <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword>, <keyword id="14681017" type="General" weightage="20" keywordseo="bhagwat-k-karad" source="Orion">Bhagwat K. Karad</keyword> in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore. In all, bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years -- 2017-18 to 2021-22. He also said that "scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> under its <keyword id="3193833" type="General" weightage="80" keywordseo="central-repository-of-information-on-large-credits" source="Orion">Central Repository of Information on Large Credits</keyword> database. As per the data, the highest number of 2,840 wilful defaulters reported during 2020-21 was followed by 2,700 in 2021-22. The number of wilful defaulters stood at 2,207 at the end of March 2019 that rose to 2,469 in 2019-20. Gitanjali Gems topped the list of 25 wilful defaulters followed by <keyword id="102029" type="General" weightage="80" keywordseo="era-infra-engineering" source="Orion">Era Infra Engineering</keyword>, Concast Steel and <keyword id="44011" type="General" weightage="80" keywordseo="power" source="Orion">Power</keyword>, <keyword id="69372" type="General" weightage="80" keywordseo="rei-agro-ltd" source="Orion">REI Agro Ltd</keyword> and ABG Shipyard Ltd. Similarly, <keyword id="2763" type="General" weightage="80" keywordseo="mehul-choksi" source="Orion">Mehul Choksi</keyword>'s company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-issues-more-pilot-licenses-as-its-air-traffic-increases/articleshow/93467321.cms">India issues more pilot licenses as its air traffic increases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/msme-credit-demand-jumps-60-from-pre-pandemic-levels-in-signs-of-rebound-in-economic-activity/articleshow/93457388.cms">MSME credit demand jumps 60% from pre-pandemic levels – a sign of rebound in economic activity</a>

₹10 lakh crore - that's how much banks wrote off in the last 5 years

New Delhi, Apr 28 () Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore.Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies.Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.Forever Precious Jewellery and Diamonds Private Limited has loans of Rs 1,962 crore written off while Deccan Chronicle Holdings Limited have Rs 1915 crore written off loans.Choksi's other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.Vikram Kothari's Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default. In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha."The information on top 50 wilful defaulters and their sum of funded amount outstanding and amount technically/prudentially written off as on September 30, 2019 reported in CRILC by banks, is provided," the RBI said in its written response dated April 24.In his application, RTI activist Saket Gokhale had sought the list of defaulters as on February 16, but the RBI said the requested information is not available.The RBI said that according to section 8 (1)(a) of RTI Act 2005 read with para 77 of Supreme Court judgement of December 16, 2015 in Jayantilal N Mistry case, information on overseas borrowers is exempted from public disclosure."Data is as reported by banks and RBI will not be held responsibly or accountable for any misreporting and/or incorrect reporting by the reporting entities," the RBI said in the written reply to the RTI query. SKC ZMN

Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI in RTI reply

Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). Prominent RTI activist Saket Gokhale had filed an RTI query with the RBI seeking details of the 50 top wilful defaulters and their current loan status till February 16. "I filed this RTI because Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur had refused to reply to this starred question asked in the Parliament by Congress MP Rahul Gandhi in the last Budget Session on February 16," Gokhale told IANS. Disclosing what the government didn't, the RBI's Central Public Information Officer <keyword id="135505" type="PERSON" weightage="20" keywordseo="Abhay-Kumar">Abhay Kumar</keyword> provided the replies on Saturday (April 24), with several startling revelations in the 'diamond-studded list', said Gokhale. The RBI said that this amount (Rs 68,607 crore) comprising outstanding and the amounts technically/prudentially written off till September 30, 2019. An inadvertent error had crept in a previous version of the report, which has now been now corrected. "The apex bank also declined to provide the relevant information on overseas borrowers citing a Supreme Court judgement of December 16, 2015," Gokhale told IANS. Topping the list is Choksi's scam-hit company, Gitanjali Gems Limited, which owed Rs.5,492 crore, besides other group companies, Gili India Ltd and Nakshatra Brands Ltd, which had taken loans of Rs 1,447 crore and Rs 1,109 crore, respectively. Choksi is currently a citizen of Antigua &amp; Barbados Isles, while his nephew and another absconder diamond trader <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi is in London. The second in the list is REI Agro Ltd., with an amount of Rs 4,314 crore, and its directors <keyword id="9131601" type="PERSON" weightage="20" keywordseo="sandip-jhujhunwala">Sandip Jhujhunwala</keyword> and <keyword id="984138" type="PERSON" weightage="20" keywordseo="Sanjay-Jhunjhunwala">Sanjay Jhunjhunwala</keyword> who are already under the scanner of the Enforcement Directorate (ED) since over a year. The next on the list in the Rs 4,000-crore bracket is absconding diamantaire Jatin Mehta's Winsome Diamonds &amp; Jewellery owing Rs 4,076 crore and which is being probed by the Central Bureau of Investigation for various bank frands. In the Rs 2,000-crore category, there is the Kanpur-based writing instruments giant, Rotomac Global Pvt. Ltd., part of the famed Kothari group, which owed Rs 2,850 crore. The others in this category include: Kudos Chemie, Punjab (Rs.2,326 crore), Baba Ramdev and Balkrishna's group company Ruchi Soya Industries Ltd., Indore (Rs.2,212 crore), and <keyword id="265518" type="COMPANY" weightage="20" keywordseo="Zoom-Developers">Zoom Developers</keyword> Pvt. Ltd., Gwalior (Rs.2,012 crore). There are 18 companies in the Rs.1K-segment with some prominent names like Harish R. Mehta's Ahmedabad-based Forever Precious Jewellery &amp; Diamonds Pvt. Ltd. (Rs.,1962 crore), and absconder liquor baron Vijay Mallya's defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> Ltd. (Rs 1,943 crore). Another 25 companies fall in the sub-1K-crore category with outstandings ranging from Rs 605 crore to Rs 984 crore, either individually or as group companies. Six among the 50 top wilful defaulters are connected with the glittering diamond and/or gold jewellery industries. "A majority of them have defaulted prominent nationalist banks over the past several years and many of them are either absconding or facing action by various probe agencies and some are under litigation," Gokhale said. No industry is sacrosanct as the top 50 willful defaulters are spread across various sectors of the economy including IT, infrastructure, power, gold-diamond jewellery, pharma, etc. --IANS qn/in/arm

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₹10 lakh crore - that's how much banks wrote off in the last 5 years

IANS

Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI in RTI reply

PTI

Indian banks might never recover ₹68,607 crore of bad loans says RTI data

IANS

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