Economic
Loans from SCBs were repaid in full in FY 2021–2022, according to the government.
The government has announced that all loans from state-owned banks have been repaid in full for the fiscal year 2021-2022. This is good news for the economy, as it means that the government is financially stable and able to meet its obligations. It also shows that the banks are in good health and are able to lend money to businesses and individuals. This is a positive development for the country and will help to boost confidence in the banking sector.
The amount of loans written off by scheduled commercial banks in the last five financial years was ₹1,61,328 crore in 2017-18, according to Finance Minister Anil Karad. In 2018-19, banks wrote off loans totalling 2,36,265 crore, he said.
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