Rs 3.89 Lakh Crore Owed to Banks by 2,071 Industrialists

United Payment Interface is a system that allows for instantaneous transfer of money. (Photo: Reuters)

• 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)