With Unpaid Donations Of Rs 7,848 Crore, Mehul Choksi Tops List Of Involuntary Bank Loan Defaulters | Popgen Tech

Fugitive diamond merchant and owner of Gitanjali Gems, Mehul Choksi, has defaulted on loans worth Rs 7,848 crore to various banks, making him the biggest bank loan defaulter in -country.

Choksi, who fled India along with his nephew Nirav Modi in 2018 before the Punjab National Bank (PNB) scam came to light, has been living in Antigua, where he has citizenship, since then.

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Best loan defaulters in India

According to the data shared by Minister of State for Finance Bhagwat Karad in the Lok Sabha on Monday, Gitanjali Gems is followed by Era Infra Engineering (Rs 5,879 crore), Rei Agro (Rs 4,803 crore), Concast Steel and Power (Rs 4,596). crore), ABG Shipyard (Rs 3,708 crore), Frost International (Rs 3,311 crore), Winsome Diamonds and Jewelery (Rs 2,931 crore), Rotomac Global (Rs 2,893 crore), Coastal Projects (Rs 2,311 crore) and Zoom Developers (Rs 2,931 crore), crore).

According to the data, the top 50 voluntary defaulters collectively owed Indian banks Rs 92,570 crore as of March 31, 2022.

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NPAs of state-owned banks have fallen

The data showed that the gross non-performing assets (NPAs) of state-owned banks declined by over Rs 3 lakh crore after touching a peak of Rs 8.9 lakh crore.

After RBI’s Asset Quality Review, gross NPAs came down Rs 5.41 lakh crore.

A voluntary default is a financial term used for borrowers who have the means to repay the loan but do not. These borrowers are excluded from any facility of banks or other financial institutions.

Rs 10.1 lakh crore loan written off

The Minister also said that banks have written off loans of Rs 10.1 lakh crore.

India’s largest public sector bank State Bank of India, topped this list with Rs 2 lakh crore of write-offs, followed by Punjab National Bank (PNB) with Rs 67,214 crore.

Among private lenders, ICICI Bank wrote off the highest Rs 50,514 crore of loans, followed by HDFC at Rs 34,782 crore.

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Last week, Union Finance Minister Nirmala Sitharaman told Parliament that NPAs, including those in respect of which full provisioning has been made on completion of four years, will be removed from the balance sheet. -the balance of the bank concerned through cancellation.

Cancellation, not waived

“Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimize capital, through the guidelines and policy of the RBI approved by their boards. an amount of Rs 10,09,511 crore during the last five financial years,” she said.

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Since borrowers of canceled loans continue to be responsible for repayment and the process of recovering rights from borrowers in canceled loan accounts continues, the cancellation does not benefit the borrower, she said.

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