Rs. 2.4 Lakh Crore Loans Written Off In Over 3 Years
Mumbai: Public sector banks (PSBs) wrote off Rs. 2.41 lakh crore worth of loans in over three years, between April 2014 and September 2017. This was disclosed by minister of state for finance Shiv Pratap Shukla said in a written reply in Parliament on Tuesday.
The disclosure came under strong criticism from Bengal chief minister and Trinamool Congress chief Mamata Banerjee. "I am shocked to see that at a time, when the farmers in the country are crying and committing suicide for their loan burden and asking for waiver of farmers' loan, the Government of India have not even considered that," the West Bengal chief minister said in a Facebook post.
In his reply to the Rajya Sabha, the union finance minister of state said that writing off non-performing assets (NPAs) or bad loans is a regular exercise conducted by banks to clean up their balance sheet and to achieve taxation efficiency.
"As per Reserve Bank of India (RBI) data on global operations, public sector banks have written-off (including compromise) an amount of Rs. 2,41,911 crore from financial year 2014-15 till September 2017," the minister said.
Borrowers, however, continue to be liable for repayment despite the write-off, the minister added.
Bank write off is the deduction in the value of earnings by the amount of an expense or loss. It means to remove loans from their balance sheets only and reduce the overall tax liability.
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NDRF, SDRF teams continue efforts to rescue 3-yr-old girl from borewell in Rajasthan
Jaipur, Dec 24: Efforts to rescue a three-year-old girl who fell into a 150 feet deep borewell in Kotputli-Behror district of Rajasthan continued on Tuesday.
The girl, Chetna, fell into the borewell while playing in the agriculture farm of her father on Monday.
SHO Sarund Mohammad Imran said teams of NDRF and SDRF are trying to rescue the girl safely.
Senior Commandant of NDRF Yogesh Meena said, "After failing to safely pull out the girl from the borewell with a ring rod, efforts are being made to pull her out with another local equipment made of iron plate."
The girl's actions were captured on camera and an oxygen pipe was lowered into the borewell to supply oxygen.
Two weeks ago, a five-year-old child fell into a borewell in Dausa district. The rescue operation to rescue the child safely lasted for more than 55 hours. However, by the time he was pulled out, the child had lost the battle of life.
