Top 50 willful defaulters collectively owe Rs 92,570 crore to Indian banks as on March 31, 2022; The government told the parliament.
Next in the list of biggest loan defaulters were Era Infra (Rs 5879 crore) and Rego Agro (Rs 4803 crore). The minister was referring to the data of the Reserve Bank of India.
Willful defaulter is a financial term used for borrowers who have the means to repay the loan but do not. These borrowers are denied any facilities from banks or other financial institutions.
Concast Steel & Power (Rs 4,596 crore), ABG Shipyard (Rs 3,708 crore), Frost International (Rs 3,311 crore), Winsome Diamonds & Jewelery Rs 2,931 crore, Rotomac Global (Rs 2,893 crore), Coastal Projects (Rs 2,311 crore) and Zoom Developers (Rs 2,147 crore) is on the list.
Gross non-performing assets (NPAs) of state-owned banks had fallen by over Rs 3 lakh crore after peaking at Rs 8.9 lakh crore.
Gross NPAs have come down to Rs 5.41 lakh crore after RBI’s asset quality review.