Recovery: Banks recover Rs 7.34 lakh crore in last six-and-a-half years

The government had informed Parliament that banks had recovered Rs 7.34 lakh crore in the first six months of the current financial year and in the last six years. The government has recovered a total of Rs 7,34,542 crore in loans, including fraud, NPAs and compounding, during the last six financial years and the first six months of the current financial year.

Union Minister Bhagwat Karad gave the information in the Rajya Sabha. In addition, Rs 55,895 crore has been recovered in fraud cases during the last six financial years. In 2016, the Reserve Bank of India issued guidelines on bank fraud. The government announced a wide range of structural and procedural reforms to curb bank fraud.

This whole and elaborate process designed to catch bank fraud has led to the exposure of a number of other bank scams from NPA onwards. The government’s fraudulent measures have reduced the amount of fraud from Rs 68,962 crore in 2015-16 to Rs 11,583 crore in 20-21.

Government banks in profit for last 9 months
No government bank has made a loss till the December quarter of the current financial year. Government banks have raised a total of Rs. 48874 crore net profit. State Finance Minister Bhagwat Karad said that state-owned banks have invested Rs. Made a net profit of Rs 31,820 crore. While making a five year loss during 2015-16 to 2019-20. The highest losses were recorded in 2017-18. The number of branches of government banks increased from 58650 to 84650.