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  • Over two thousand industrialists owe Rs 3.89 lakh crore to banks

    Published on November 23, 2016

     

    New Delhi: Government has informed, there are over two thousand industrialists whose loan accounts to the tune of 3.89 lakh crore rupees and have turned into, Non Performing Assets.

    In a written reply in the Rajya Sabha yesterday, Minister of State for Finance Santosh Kumar Gangwar said these industrialists include those who had taken loan of 50 crore rupees or more. He said, as per RBI instructions, every bank has to have its own recovery policy, including the manner and procedure of write-offs.

    Mr. Gangwar said the loans are written off after appropriate provisions have been made to take advantage of tax benefits and capital optimisation.