Modi govt writes off NPAs worth an alarming Rs 53.6 crore in first half of FY 17-18 - News Summed Up

Modi govt writes off NPAs worth an alarming Rs 53.6 crore in first half of FY 17-18


Highlights 1 Modi govt wrote off Rs 53,625 crore in first half of FY 2017-182 Non-performing assets of public banks worth Rs 6.89 crore: Govt3 Total write-offs since the 2014-15 fiscal year Rs 2.4 lakh crore: GovtIn the first six months of fiscal year 2017-18, the Narendra Modi government wrote off Rs 53,625 crore of stressed assets or NPAs (non-performing assets) of public sector banks - an alarming amount. The government put it on record that the outstanding "toxic assets" or non-performing assets of public sector banks stood at Rs 6.89 crore by September 2017. The government and the Reserve Bank have adopted an aggressive policy on asset quality reviews of public sector banks, leading to greater compliance from banks in identifying and notifying NPAs. That exercise led to loans worth Rs 4,54,466 crore getting classified as NPAs. The government has been vigorously chasing banks to clean up their books, as unidentified defaulting accounts keep the banks' asset base inflated.


Source: India Today January 03, 2018 04:05 UTC


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