WEB DESK
Banks in India have written off a whopping Rs 9.54 trillion worth of bad loans in the last five years, of which more than Rs 7 trillion was by public sector banks PSBs. The amount banks have written off is more than double the sum recovered during the period, reports Business Standard.
According to the Reserve Bank of India (RBI) data, the amount recovered in the last five years through various channels such as lok adalats, debt recovery tribunals, the SARFAESI Act, and the Insolvency and Bankruptcy Code (IBC) was Rs 4.14 trillion.