India’s largest public sector bank has dropped more than Rs 7,000 crore, more than 80 per cent of the amount owed to it by its top 100 defaulters, into the Advance Under Collection Account (AUCA) bin for toxic loans
With efforts to recover its dues hitting a virtual dead-end, the State Bank of India (SBI) seems to be have started a clean-up of its balance sheets by writing off loans worth about Rs 7,016 crore owed to it by more than 60 of its top 100 wilful defaulters.
While 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs), reveal documents accessed by DNA. As on June 30, 2016, SBI has written off Rs 48,000 crore worth bad loans. The documents, however, don’t specify the entry time of these "write-offs".
India’s largest public sector bank has dropped the money, mostly wilfully defaulted, into a specially created dustbin for ‘toxic loans’ called Advance Under Collection Account (AUCA), technically known as a write-off.
India’s largest public sector bank has dropped the money, mostly wilfully defaulted, into a specially created dustbin for ‘toxic loans’ called Advance Under Collection Account (AUCA), technically known as a write-off.
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