NARCL took Rs 21,349 crore worth of bad loans in Q4: Finance Minister

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Ahmedabad: National Asset Reconstruction Company Limited (NARCL) in the January-March quarter totaled Rs. 21,349 crore bad loans of three companies were taken. Finance Minister Nirmala Sitharaman, in response to a question in Parliament, informed that these bad loans were acquired from JP Infratech Limited, SSA International Limited and Helios Photovoltaic Limited.

According to the Ministry, no recovery was made in these accounts till July 17, 2023.

Finance Minister Nirmala Sitharaman said that lenders have written off another company SPML Infra Limited's debt of Rs. 1994.90 crore has been approved for purchase and in-principle approval has also been given for government guarantee.

RBI is continuously taking strict and necessary steps to recover bad loans. Due to these measures, banks have made Rs. 7.16 lakh crore has been successful in recovering loans. NARCL was established in July 2021 as a 'Bad Bank'. Its objective is to provide assistance in removing bad loans of commercial banks.

Majority of the shares in this bank are held by public sector banks, while some share is also held by private banks. The special thing about National Asset Reconstruction Company Limited is that to get a bad loan, you will get the guarantee of the Government of India on the security receipt issued by it.

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