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PSBs report recovery of Rs 60,713 crore against NPAs in H1FY19

In a positive note, the government has said that public sector banks (PSBs) reported recovery of Rs 60,713 crore against non-performing assets (NPAs) in the April-September period (H1) of current fiscal year (FY19). It added that this is double of the amount recovered in the corresponding period last year and more significant returns on high-value accounts are expected.

The finance ministry said following amendments to the Banking Regulation Act, the Reserve Bank of India (RBI) directed banks to initiate insolvency proceedings before the National Company Law Tribunal in 41 cases, 12 of which had cumulative outstanding of Rs 1,97,769 crore as on March 31, 2017. The remaining 29 had an outstanding of Rs 1,35,846 crore as on June 30, 2017.

According to the RBI data on global operations (with provisional data for September 2018), during the last three and a half financial years, NPAs of scheduled commercial banks reduced by Rs 2,83,770 crore due to recoveries. The government said measures such an asset quality review (AQR) initiated in 2015 for clean and fully provisioned balance sheets revealed a high incidence of NPAs that were piling up since 2008.

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