Indian banks wrote off ₹16.35 lakh crore in loans

Indian banks have written off bad loans totaling ₹16.35 lakh crore over the past decade. The highest write-off occurred in 2018-19 at ₹2,36,265 crore, while the lowest was ₹58,786 crore in 2014-15. In the current financial year 2023-24, banks wrote off ₹1,70,270 crore, a decrease from ₹2,16,324 crore in the previous year. Finance Minister Nirmala Sitharaman clarified that these write-offs do not relieve borrowers of their debts. Banks continue to pursue recovery actions against borrowers, including legal proceedings and insolvency processes. As of December 31, 2024, there are 29 companies classified as non-performing assets, with outstanding loans of ₹61,027 crore.