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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Delhi records high of 32.7 deg C; AQI remains 'moderate'
New Delhi (PTI): The maximum temperature in Delhi settled at 32.7 degrees Celsius on Sunday, 1.3 notches below the seasonal average, according to the India Meteorological Department.
The minimum temperature was recorded at 20.1 degrees Celsius on Sunday, 1.3 notches below the average for the season, while the relative humidity stood at 46 per cent at 5.30 pm, the IMD said.
The weather department has forecast a partly cloudy sky for Monday with the maximum and minimum temperatures expected to hover around 34 and 19 degrees Celsius, respectively.
The air quality remained 'moderate' at 4 pm, with an Air Quality Index (AQI) reading of 134, a slight drop from Saturday’s 137, Central Pollution Control Board (CPCB) data showed.
According to the CPCB, an AQI between zero and 50 is considered 'good', 51 and 100 'satisfactory', 101 and 200 'moderate', 201 and 300 'poor', 301 and 400 'very poor', and 401 and 500 'severe'.
