1.76 lakh Crore rupees lost by Banks to 416 loan defaulters in last 3 years: RTI report
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According to the RTI replies, Indian banks have lost almost 1.76 lakh-Crore rupees to 416 loan defaulters in the last 3 years-each owing more than 100 crores. The amount declared as bad loans turn out to be around Rs 424 crore per borrower. The data came out after the Reserve Bank of India(RBI) directed all scheduled commercial banks to come clear on the amount to be prudentially written off and set the accounts right.