New Delhi: Many leaders of the Bharatiya Janata Party tweeted that the Rs 9 lac crores NPA or stranded debt that the UPA government gave in inheritance, out of which, Rs 4 lakh crore has been recovered by the BJP government. But the statistics of the Reserve Bank are presenting a different story. According to this, only 29 thousand crore rupees have been recovered in the last four years.
Some BJP leaders tweeted on Saturday, claiming that under the ‘Insolvency and Bankruptcy Code’ (IBC) 4 lakh crore NPAs have been recovered. The loan of about Rs 9 lakh crore given to the corporate by the UPA government was transformed into NPAs or stranded loans, from which it has been recovered.
But the latest data from the Reserve Bank shows that in the years 2016-17 and 2017-18 (till December), public banks have recovered only 15,786 crore rupees. These include recovery from all the media including IBC. The banks started recovery after January 2017 under IBC.
According to the data, 21 public banks in the last four financial years (2014-2018) have been able to recover only Rs 29,343 crore. In the meantime, the banks put the debt of Rs 2.72 lakh crores in the discount ledger i.e. right-off.
These data from the Reserve Bank were given by Finance Minister for state Shiv Pratap Shukla on March 27 in the Rajya Sabha. During this period, 89 per cent of non-performing assets (NPAs) of public banks were not realized and they had to be put off in the account.
Actually, in case of loans under IBC, the debtor gets the opportunity to resolve the matter within 180 days and increase the deadline to further 90 days.