New Delhi: Banks have clawed back more than Rs7.34 lakh crore over the past six years and first six months of the current financial year, the government told parliament on Tuesday.
In the last six financial years and the first six months of the current financial year, banks have made an aggregate recovery of Rs7,34,542 crore, in non-performing assets and written-off loan accounts, including those flagged as fraud, Minister of State (MoS) for Finance Bhagwat Karad said in a written response to the Rajya Sabha.
Regarding the recovery of fraudulent amounts, the minister said that Rs 55,895 crore had been recovered in the last six financial years and the current financial year till December 31, 2021, he said. The Minister said that the Reserve Bank of India had issued general instructions on bank fraud in 2016 and that the government had put in place broad structural and procedural reforms to control fraud in banks. He added that these systematic and comprehensive checks for fraud, including the legacy stock of non-performing assets, have led to the discovery of fraud perpetrated over the years.
These steps contributed to a sharp drop in the amount of fraud from Rs 68,962 crore in 2015-16 to Rs 11,583 crore in 2020-21. During the April-December 2021-22 period, the amount involved in bank fraud stood at Rs 648 crore, he added.