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Willful defaulters owe a staggering 92,000 crore to banks

In a shocking revelation, public sector banks (PSUs) have reported that they have unpaid loans worth a staggering Rs 92,000 crore. This data is applicable to the financial year ending March 31, 2017. These unpaid loans belong to willful defaulters, who number around 9000. These willful defaulters collectively owe more than 90K crore to public sector banks. As compared to last year figures, the outstanding loans by willful defaulters have risen by around 20 percent. At the end of the financial year March 2016, the total outstanding loans by willful defaulters were Rs 76,685 crore. This jumped to Rs 92,376 crore at the end of financial year March 2017. An increase has also been witnessed in the total number of willful defaulters. At the end of March 2016, the total number of willful defaulters was 8,167, but it jumped to 8,915 by end of March 2017.

The banks are not taking the loan defaults lightly and are taking legal action wherever possible. By the end of March 2017, FIRs have been filed by banks against 1,914 willful defaulters. Collectively, these willful defaulters owe Rs 32,484 crore to banks. The amount of loan defaults being written off has also increased significantly in 2016-17. During this period, a total of Rs 81,683 crore was written off as bad debts by 27 public sector banks, including SBI. This is the largest such write off in the last 5 years. 

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