Bad loans worth Rs.5,85,473 crores written off from 2019 to 2021..

The Union Minister of State for Finance, Shri Anurag Thakur, informed the Lok Sabha on 08.03.2021 that, scheduled commercial banks (SCBs) have written off loans of Rs.2,36,265 crore, Rs.2,34,170 crore and Rs.1,15,038 crore during FY2018-19, FY2019-20 and the first three-quarters of FY2020-21 respectively. Thus, the total bad loans written off in less than 3 years comes to Rs.5,85,473 crores. A major chunk of these loans were taken by the corporates and not returned. The government does not take firm action against the defaulting corporates. This results in the looting of public money, by big corporates.