PNB's Management accepted that Defaulters account to 25000 crores

Jun 13 2019 04:32 PM
PNB's Management accepted that Defaulters account to 25000 crores

New Delhi: Public sector banks, Punjab National Bank (PNB) has admitted that a total of 1,142 big and small defaulters across the country have lent about Rs 25,090.3 crore. The bank has filed a lawsuit against 1,108 of these 1,142 defaulters for recovery of Rs. 23,879.8 crore.

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Interestingly, the list of those who do not repay the loan is also the addition of fugitive diamond Baron Nirav Modi and Mehul Choksi.  The duo of Modi and Choksi had slap about Rs 14,000 crore at the beginning of the year 2018 to PNB.  Another high-profile lender on the list is absconding liquor baron Vijay Mallya, who owes Rs 597.4 crore to his Kingfisher airlines account.

No case has been filed against the remaining 34 defaulters, on which the bank has a total debt of Rs 1,210.5 crore. According to the rules, it is mandatory to give information to the Reserve Bank of India (RBI) regarding bad loans. PNB has informed about the status of these bad loans till March 31, 2019. Some of these are years old and still, they are recovering from them.

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