PSBs recover Rs.5.49 lakh crore in 7 years

The government has taken a holistic approach to reducing nonperforming assets (NPAs) and facilitating recovery, allowing public sector banks to recover more than Rs.5.49 lakh crore during the last seven fiscal years, according to information presented to the Lok Sabha on Monday.

In a letter response, Minister of State for Finance Bhagwat Karad stated that the RBI had informed him that it had not explicitly defined the term "recovery rate" in the context of non-performing assets (NPAs) in the banking industry. "The government has taken comprehensive initiatives to decrease NPAs and effect recovery," he said.

The minister further stated that gross NPAs of PSBs increased from Rs 2,79,016 crore (gross NPA ratio of 4.97 percent) on March 31, 2015 to Rs 8,95,601 crore (gross NPA ratio of 14.58 percent) on March 31, 2018. This was primarily due to transparent recognition of stressed assets. He further stated that as of March 31, 2021, NPAs have decreased to Rs 6,16,616 crore (gross NPA ratio of 9.11 percent) as a consequence of the government's strategy of recognition, resolution, recapitalization, and reforms.

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