NPAs of public sector banks reduced to Rs 7.27 lakh crore: Government

NPAs of public sector banks reduced to Rs 7.27 lakh crore: Government

NPAs of PSBs stand at Rs 7.27 lakh crore: Government, fraud of Rs 1.13 lakh crore in 6 months

The government told that scheduled select financial institutions and commercial banks have reported a total fraud of Rs 1,13,374 crore during the current financial year. Union Minister of State for Finance Anurag Thakur said on Monday that the NPA of public sector banks is Rs 7.27 lakh crore as of September 2019.

As per RBI data on global operations, the gross NPAs of public banks increased from Rs.279,016 crore as of March 2015 to March 2017, Rs. 6,84,732 crore and Rs. 8,95,601 crore as of March 2018. said Anurag Thakur during the question hour.

Anurag Thakur said that as a result of the government’s strategy of recapitalization, identification, reconciliation, and reforms, the NPAs of public banks declined by Rs 1,68,305 crore to Rs 7,27,296 crore as on September 2019.

The Minister said comprehensive and systematic investigation for fraud has helped in catching the fraud that has been going on for the past several years as per the Reserve Bank of India has stated in its Financial Stability Report, December 2019.

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This news has been published by wire agency feed without modifications to the text.