Banks write off over ₹2.09 lakh crore bad loans in FY23; ₹10.57 lakh crore in last 5 years

News Network
July 24, 2023

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Banks in India wrote off bad loans totaling more than ₹2.09 lakh crore during the FY23, according to information obtained through Right to Information (RTI) queries. 

This brings the total loan write-offs by the banking sector to a significant ₹10.57 lakh crore in the past five years, as per data provided by the Reserve Bank of India (RBI).

Loan write-offs by banks increased to ₹209,144 crore during FY23, compared to ₹174,966 crore in FY22 and ₹202,781 crore in FY21, as per the RTI data. Banks have been utilising loan write-offs as a strategy to reduce the burden of non-performing assets on their books. 

However, the recoveries from these written-off loans have been quite dismal, with only ₹30,104 crore recovered in FY21, ₹33,534 crore in FY22 and ₹45,548 crore in FY23.
 
The RBI's RTI response reveals that out of the ₹586,891 crore loans written off in the last three years, banks were able to recover only ₹109,186 crore, indicating a meagre recovery rate of 18.60% during this period.

The loan write-offs have helped banks in reducing their Gross Non-Performing Assets (GNPA) to a 10-year low of 3.9% of advances by March 2023. Over the years, gross NPAs of banks have decreased from ₹10.21 lakh crore in FY18 to ₹5.55 lakh crore by March 2023, mainly due to the impact of loan write-offs.

Taking this into account, the total defaulted loans (including write-offs but excluding recovered loans) amount to approximately ₹10.32 lakh crore. If the write-offs are included, the total Non-Performing Asset (NPA) ratio would have been 7.47% of advances, higher than the 3.9 percent reported by the banks.

What happens when a loan is written off?

When a bank writes off a loan, it removes it from the bank's asset book. This action is taken when the borrower has failed to repay the loan, and the chances of recovering the outstanding amount are very low. 

The defaulted loan, also known as NPA, is then transferred from the assets side and recorded as a loss. A loan is classified as an NPA when the borrower fails to make the principal or interest payment for a period of 90 days or more.

Even after the write-off, the bank is required to continue its efforts to recover the loan using various options. Provisioning must also be made for the written-off amount. As a result of the write-off, the bank's tax liability is reduced as the written-off amount is deducted from the profit.

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News Network
April 12,2025

Riyadh, April 12: In a welcome move for Indian expatriates and other foreign residents in Saudi Arabia, the Kingdom has introduced a new online service that allows residents to update their passport information without visiting the General Directorate of Passports (Jawazat). The service is available through the widely used Absher platform.

This initiative comes as a major time-saver for Indian expats, especially those renewing their passports, as it eliminates the need for lengthy in-person appointments and physical document submissions at Jawazat offices.

Who Can Use the Service?

The online update feature is available to expatriates aged 18 and above. Once a passport is renewed, Indian expats can log in to Absher (via their employers account), navigate to My Services, select Passport, and then access Resident Identity Services to update the relevant information.

A clear photo of the new passport must be uploaded. The system automatically extracts the passport number and expiry date using advanced digital recognition tools.

Before submitting, users are required to pledge that:

  • The old passport has not been lost.
  • There are no reports of absence from work.
  • There are no pending traffic violations linked to the resident's Iqama.
  • There are no security-related restrictions on the expat or the employer.

Important for Indian Families

If family members previously listed on the old passport have been issued individual passports, the online service cannot be used. In such cases, a personal visit to Jawazat is necessary to complete the update.

Likewise, if the passport is lost, the expat must report the loss and update information directly at the Jawazat office. Any misuse or incorrect submission will result in accountability under Saudi law, including potential charges of forgery.

Fee Details

To avail this convenience, a nominal fee of SR69 (including VAT) is applicable for each passport update request.

Why It Matters

With over 2 million Indians living and working in Saudi Arabia, this digital service is expected to ease the bureaucratic burden and save time for thousands of individuals who previously had to navigate crowded offices and long wait times. It also enhances accuracy and ensures smoother processing for both employees and employers.

Indian community associations have welcomed the move, calling it a step forward in digital convenience and administrative efficiency for expatriates.

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News Network
April 9,2025

Mangaluru: A routine midnight tea run turned into a horrifying tragedy when a motorcycle carrying three young men — in clear violation of traffic rules — slammed into an open divider on National Highway 66 at SKS Junction in the early hours of April 8. Two of them lost their lives, while the third is recovering from injuries.

The victims have been identified as Sankeerth, who was riding the motorcycle (KL-58-Q-6381), and Dhanurved C, the first pillion rider. Sibi Sam, the second pillion rider, was injured but survived the crash.

According to the FIR registered at the Traffic East Police Station (Crime No. 48/2025), the friends had set out from Lohith Nagar around 2:30 am, heading towards Pumpwell for tea. While Rohan Joby and Meghnath rode separately on a different bike (KL-13-AH-2388), Sankeerth was accompanied by two pillion riders — a clear case of triple riding, which is both illegal and dangerous.

As they sped along NH-66, Sankeerth reportedly lost control near SKS Junction and collided with the edge of an open road divider at approximately 2:50 am. The impact threw all three men onto the highway with violent force.

Sankeerth and Dhanurved suffered critical head and facial injuries and died while being rushed to the hospital. Sibi Sam is undergoing treatment for his injuries.

The FIR invokes Sections 281, 125(a), 106(1) of the Bharatiya Nyaya Sanhita, and 128(a) read with 177 of the Motor Vehicles Act, which include provisions related to rash driving and traffic violations.

The police have launched a full investigation. The accident has reignited public concern about reckless driving, triple riding, and the hazards posed by poorly maintained road dividers, especially during low-visibility hours.

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coastaldigest.com news network
April 8,2025

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Shivamogga: From the serene town of Thirthahalli, Deeksha R, a bright student of Vagdevi Pre-University College, has made her mark on the state stage by sharing the first rank in the Science stream of the PU 2 examinations. She scored an outstanding 599 out of 600, tying with Amoolya Kamath of Mangaluru.

Deeksha is the daughter of Raghavendra Kalkura and Usha V, both committed educators. Her father, a teacher at the Government High School in Megaravalli, said with joy, “We were expecting around 595 marks. But 599 was a surprise and a moment of pure happiness. Deeksha didn’t study daily in a strict routine, but she was focused and had a well-planned approach. During her study holidays, I helped her prioritise subjects based on need.”

Deeksha's academic brilliance isn’t new — she had earlier scored 98.6% in Grade 10 (ICSE) at Sahyadri School, Bettamakki. Her PU college teachers recognised her potential early and provided strong support throughout.

Looking ahead, Deeksha has big ambitions — she plans to pursue a career in Artificial Intelligence engineering. She has already appeared for the JEE exams and is preparing for the CET next week. “We’re hopeful she’ll secure a seat in a top engineering college,” her father added.

College Principal Mamata expressed immense pride: “Deeksha never attended any tuition outside of college. Her discipline and commitment were remarkable. It’s a proud moment for our college and our town.”

By sharing the top rank in the state, Deeksha has not only brought glory to her hometown but also become a symbol of how talent, discipline, and the right guidance can create a truly stellar success story.

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