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In an encouraging move, banks have written off Rs 10.57 lakh crore during the last five financial years, of which Rs 5.52 lakh crore was in respect of loans pertaining to large industries. Minister of State for Finance Bhagwat Karad has said ‘As per RBI data, scheduled commercial banks (SCBs) have written off an aggregate loan amount of Rs 10.57 lakh crore during the last five financial years’. The scheduled commercial banks have also recovered Rs 7.15 lakh crore of non-performing assets (NPAs) during the five-year period.
He said ‘Comprehensive steps have been taken to recover NPAs, enabled by which, SCBs have made an aggregate recovery of Rs 7,15,507 crore (RBI provisional data for FY 2022-23) in NPA accounts, including written-off loans, during the last five financial years’. He said ‘Scheduled commercial banks have written off an aggregate amount of Rs 5.52 lakh crore in respect of loans pertaining to large industries and services during the last five financial years (FYs), i.e. from FY 2018-19 to FY 2022-23’. He also said that this includes Rs 93,874 crore written off by all the banks on account of fraud during the five-year period.
Karad said banks regularly evaluate the impact of write-offs as part of the exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with the said guidelines and policies of the respective boards. He added ‘Such write-off does not result in waiver of liabilities of borrowers to repay and therefore, write-off does not benefit the borrowers. The borrowers of written-off loans continue to be liable for repayment and banks continue to pursue recovery actions initiated in written-off accounts through various recovery mechanisms available to them.’
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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