All Finance

Banks recovers Rs 40,400 crore from defaulters in FY18 -RBI

Banks recovers Rs 40,400 crore from defaulters in FY18 -RBI
Banks recovers Rs 40,400 crore from defaulters in FY18 -RBI

In a recent statement releases from RBI through various channels like Indian bankruptcy code (IBC), SARFAESI Act, Lok Adalats and debt recovery tribunals, Banks are witnessing a significant improvement in stressed assets via recovery from various channels.

In the fiscal year ended march 2018 recovery of Rs. 40,400 crore worth of bad loans has been recovered by various banks under various channels, compared to previous year recovered Rs. 38,500 crore in Fy17, through the various channels like Indian bankruptcy code (IBC), SARFAESI Act, Lok Adalats and debt recovery tribunals.

Banks have recovered Rs. 26500 Crore Bad loans through SARFAESI and Rs. 4900 Crore of Bad loans through the IBC in FY18 In a yearly statement published by RBI annual report on trends and progress of banking in 2017-18.

“Apart from vigorous efforts by banks for speedier recovery, amending the SARFAESI Act to bring in a provision of three months’ imprisonment in case the borrower does not provide asset details and for the lender to get possession of the mortgaged property within 30 days, may have contributed to better recovery,” the highlighted report says.

About the author

BusinessUpdater

Business Updater is that one website which ardently supports business habits across the globe. We highly appreciate all types of business ideas whether it is big or small, tried-and-tested one or an innovative one, whether it runs on online medium or offline. Each business idea worth praises and the brain behind it is even more laudable. The growth which the world has been experiencing so far is only the outcome of the efforts of several innovative minds. It takes plenty of intellectual skills to understand the need of the people and a lot of creativity to offer them the right solution or product. Therefore, we can conclude that a successful business is a combination of intelligence and creativity.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *