CURRENT AFFAIRS

Detailed explanation-1: -“Banks have written off ₹11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22, ” Parliament was informed on December 20.

Detailed explanation-2: -A loan waiver is when the loan is waived off completely by the lender. In simpler words, the borrower is freed from the obligation of paying the loan back i.e., free from a particular debt. When a loan is waived off, the bank can not take any legal action against the borrower to recover the amount from the borrower.

Detailed explanation-3: -Based on information supplied by the finance minister, we estimate that the total non-performing assets between 2014-15-2021-22 years amount to Rs 66.5 lakh crore. Of this, the written-off quantum appears to be Rs 14.5 lakh crore.

Detailed explanation-4: -India’s scheduled commercial banks (SCBs) wrote off Rs 10, 09, 511 crore during the last five financial years, according to data submitted by the government in Parliament today. A loan is written off when there is no scope of recovery left and banks want to simply take the bad asset off their balance sheets.