At the end of the last financial year, banks owed Rs.8.58 lakh crore from major defaulters.

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Mumbai: According to the latest figures available, Maharashtra and Delhi are at the top in terms of the number of defaulters among the loan holders of the banks at the end of the last financial year, while the banks had a total of Rs 8.58 lakh crores to collect from the defaulters.

At the end of March 31, 2022, the number of borrowers in default of Rs.1 crore or more stood at 30,359. Legal action has been taken against these defaulters for recovery by various banks.

At the end of March 31, 2017, the number of defaulted accounts was 17,236 in 32 states of the country, from whom an amount of Rs. 2.58 lakh crore was being collected. Thus, the amount to be recovered has increased three times in five years, the statistics said. More accounts are in 12 public sector banks, involving Rs 5.90 lakh crore.

According to the information received, these twelve banks include SBI and its affiliated banks, PNB, IDBI Bank Ltd., Bank of Baroda, UBI, UCO Bank etc. The number of defaulters in private banks is significantly lower as compared to public sector banks. The number of defaulted accounts of Rs 1 crore or more in private sector banks was 6897 from which a total of Rs 1.32 lakh crore was to be recovered.

From 4,726 cases covering an amount of Rs 81,027 crore in 2017, the number of defaults in Maharashtra increased to 7,954 at the end of 2022, involving an amount of Rs 3.82 lakh crore. Maharashtra topped the list of defaulters. At the end of 2022, the number of defaulted accounts in Delhi was 2862 in which an amount of Rs 1.14 lakh crore was stuck.

Questioning the alarming increase in the number of defaulters despite strict laws like Insolvency and Bankruptcy (IBC) by the government, sources from the United Forum of Bank Unions demanded to know where the situation is going. It was also demanded that the government should issue a white paper on the issue and take action against those responsible. Most of the defaulters are corporate accounts.

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