- Loan accounts with a cumulative exposure of Rs 3.89 lakh crore held by as many as 2,071 industrialists, each of whom has borrowed Rs 50 crore or more, have turned into non-performing assets (NPAs), or bad loans.
- Minister of State for Finance Santosh Kumar Gangwar told the Rajya Sabha in a written reply that as of 30 June, 2016, NPA accounts with a debt exceeding Rs 50 crore numbered 2,071 with a total outstanding amount of Rs 3,88,919 crore.
- "In terms of instructions of RBI, every bank has to have its own recovery policy, including the manner and procedure of write-offs. In respect of technical write-offs, RBI has permitted write-offs at the head office level, while recovery efforts are still continued at the branch level." the minister said.
(With inputs from IANS)
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