Over Rs 18,000 crore written off by public sector banks

New Delhi, Aug 21 (UNI) Various public sector banks in the country have written off loans worth over Rs 18,000 crore during 2005-07, Rajya Sabha was informed today.

Answering Mr Varinder Singh Bajwa, Minister of State for Finance P K Bansal said, in a written reply, that the banks including the public sector banks were writing off the loans in accordance with the norms and guidelines issued by the Reserve Bank of India. The loans thus written off were by way of compromise reached.

Asked if there were cases where the banks were required to report the matters to government agencies but avoided doing so, the minister said there were no such specific instance where the bank had not furnished imformation to any government agency had come to the notice of the Government and the RBI.

UNI