- Banks in India wrote off loans worth over $25.50 billion in the fiscal year ending in March 2023, reducing gross non-performing assets to a decade low.
- Total loan write-off in the past five years reached $129 billion, but only 18.60% of loans written off in the past three years were recovered.
- Public sector banks accounted for nearly 62.45% of the loan write-offs in the last three years. Recovery process is typically slow due to majority of the loans are tied to wilful defaulters.
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