Willful defaulter means those who have the ability to repay the loan but have declared themselves insolvent.
The number of willful defaulters in India at the end of FY 2022 was 2,790, which is less than 2,840 at the end of FY 2021.
Banks wrote off loans worth Rs 1.57 lakh crore during the financial year 2022.
New Delhi. Only 25 willful defaulters of India owed Rs 58,958 crore to the banks as of March 31, 2022. These are individuals or companies who have the capacity to repay the loans taken from the banks, but have deliberately declared themselves bankrupt to avoid repaying the loan. Giving this information in the Parliament, Minister of State for Finance Bhagwat Karad said that the number of willful defaulters at the end of FY 2022 was 2,790, which is less than 2,840 in FY 2021.
Moneycontrol According to a report by the Minister of State for Finance, the country’s largest willful defaulter company is Gitanjali Gems Ltd, the company of fugitive businessman Mehul Choksi. Gitanjali Gems Limited has an outstanding loan of about Rs 7,110 crore to banks.
These are big willful defaulters
The country’s second largest willful defaulter company is Era Infra Engineering Limited. The company is sitting around Rs 5,879 crore with various financial institutions. Concast Steel and Power Limited also ranks third in the list of willful defaulters with a total outstanding of Rs 4,107 crore. The fourth place in this list is of REI Agro Limited, on which banks have a liability of Rs 3,984 crore. ABG Shipyard Limited owes banks Rs 3,708 crore and is the fifth largest willful defaulter in the country.
9.91 lakh crore loan written off in 5 years
The Minister of State for Finance said that banks have written off loans worth Rs 9.91 lakh crore in the last 5 financial years. Banks wrote off a total of Rs 1.57 lakh crore of debt during FY 2022, the lowest in five financial years. State Bank of India (SBI) has written off the maximum loan. SBI wrote off a loan of Rs 19,666 crore during FY 2022, which is less than Rs 34,402 crore in FY 2021.
Union Bank of India wrote off a loan of Rs 19,484 crore in the financial year 2022. Last year, the bank had written off a loan of Rs 16,983 crore. Punjab National Bank (PNB) wrote off a loan of Rs 18,312 crore in FY 2022, which is higher than Rs 15,877 crore in FY21.
FIRST PUBLISHED : August 03, 2022, 13:42 IST