Over the past 11 financial years, banks have technically written off loans worth ₹9.75 lakh crore, as stated by Minister of State for Finance Pankaj Chaudhary. In a written reply to the Lok Sabha, he explained that the highest write-offs were recorded in the 2019–20 financial year, amounting to ₹1.59 lakh crore. Since then, the figures have gradually declined, reaching ₹47,568 crore in 2024–25. He also noted that banks wrote off ₹31,723 crore in 2014–15, ₹40,416 crore in 2015–16, ₹68,308 crore in 2016–17 and ₹99,132 crore in 2017–18.
Meanwhile, the government has also disclosed details of the country’s top wilful defaulters. As of March 31, 2025, the top 10 defaulters together owe more than ₹40,635 crore to banks, as informed by Finance Minister Nirmala Sitharaman in the Lok Sabha. Among them, ABG Shipyard tops the list with outstanding dues of ₹6,695 crore.
Other major defaulters include Geetanjali Gems (₹6,236 crore), Beta Napthol (₹5,268 crore), Rakesh Kumar Kuldip Singh Wadhawan (₹4,291 crore), directors of Bhushan Steel Power & Steel (₹3,810 crore), Raja Textiles (₹3,260 crore), Gitanjali Pack (₹3,080 crore), Rank Industries (₹2,655 crore) and Housing Development & Infrastructure (₹2,540 crore). Overall, loan write-offs and rising defaults have become key areas of concern and discussion within the banking sector.
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