As on March 31, 2019, India’s largest bank SBI has declared as unrecoverable an amount of Rs 37,700 crore which 33 borrowers, with loans of Rs 500 crore and more, owed to it.
Adding Salt to the wound it is learnt 200 brand new Mercedes Benz cars have been delivered to the defaulters owners in Mumbai and Gujarat this Navaratri season.
In total State Bank of India (SBI), has written off bad loans worth Rs 76,600 crore of 220 defaulters who owed the bank more than Rs 100 crore each, a CNBC-News18 RTI query has revealed.
9.00,000 citizens of India, have to survive on Rs 25,000 for the next six months as PMC Bank depositors can’t withdraw more following an RBI diktat, did not have the right to know the names of the 220 defaulters and who are in this list ought a new luxury car this festive season asks an angry depositor in PMC bank
Passing the loss SBI, two days back, cut interest rate on savings accounts with balance up to Rs 1 lakh to 3.25 per cent from 3.5 per cent.
SBI has a deposit base of over Rs 28 lakh crore. SBI has also cut interest rate of retail fixed deposits or FDs by 10 basis points for ‘1 year to less than 2 years’ maturity with effect from October 10, 2019.
It is to be noted as on March 31, 2019, Punjab National Bank (PNB) had waived off debts of at least Rs 100 crore each in respect of 94 borrowers.
The gross amount came out to be Rs 27,024 crore, with an average of Rs 287 crore per account. PNB also wrote off loans of Rs 500 crore or more for 12 biggest defaulters, totaling Rs 9,037 crore.