Public sector banks in India have written off loans worth Rs 42,035 crore in the first six months of the current fiscal, according to data presented in Parliament. The largest banks, including State Bank of India, Punjab National Bank, Union Bank of India, and Bank of Baroda, have written off loans worth Rs 8,312 crore, Rs 8,061 crore, Rs 6,344 crore, and Rs 5,925 crore, respectively. Minister of State for Finance Pankaj Chaudhary clarified that these write-offs do not benefit borrowers, as they are still liable for repayment and banks continue to pursue recovery actions. In 2023-24, public sector banks wrote off loans worth Rs 1.14 lakh crore, down from Rs 1.18 lakh crore in the previous year.
HSBC expects to write off Rs 42,000 crore of PSB loan in its H1 FY25 financials.
by newsworm | Dec 9, 2024 | Bank of Baroda, Banking, Punjab & Sind Bank, Punjab National Bank, State Bank of India, Union Bank of India