Banks write off Rs 1.44 lakh crore bad loans in 2017-18

The banks in India have written off Rs 1,44,093 crore of bad loans, including Rs 1,20,165 crore by public sector banks (PSBs), in the financial year 2017-18, reports The Indian Express. The amount of loan written off by banks has risen by 61.8% from Rs 89,048 crore in the previous year.

The banks have written off a total of staggering Rs 4,80,093 crore in the last 10 years as on March 31, 2018, the report said citing the figures compiled by rating agency ICRA. Shockingly, PSBs contribute to 83.4% of the written off loans, or Rs 400,584 crore.

The figures also reportedly showed that State Bank of India Rs 40,281 crore, the highest in 2017-18, while the bank also wrote off Rs 1,23,137 crore over the last 10 years.