Tuesday, June 25, 2024

What bankers call colourfully ‘hair cut’ is almost 85%, says Congress in attack on govt over loan write-offs

The Congress on Tuesday criticised the government over banks writing off an aggregate loan amount Rs 10.42 lakh crore between 2014-15 to 2022-23.

In a post on X, Congress General secretary Jairam Ramesh said: “Every single time the Opposition raises the issue of loan write-offs of private companies by banks, the Modi Government responds by saying that write-offs are not waivers and amount recovery process is not affected by these write-offs.

“Yesterday in the Lok Sabha, the MoS (Finance) admitted that while corporate loan write-offs by banks was Rs 10.42 lakh crores since 2014-15, actual loan recovery has been Rs 1.61 lakh crores. What bankers call colourfully as ‘hair cut’ is almost 85 per cent.”

He also shared the reply of Minister of State for Finance Bhagwat Karad in a written reply to question about the details of amount of loans written off by nationalised banks in financial years from 2014-15 to 2022-23; and the details of amount realised from bad debts written off in the same period.

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