The Finance Minister, Nirmala Sitharaman has revealed that India’s state-owned banks had an astronomical Rs. 1.50 trillion worth of loans as “wilful defaults” in 2018-19. The State Bank of India accounted for nearly one-third of this amount!
Wilful defaulters are the ones who take loans but do not repay them even when they can do so. The loan that they default is a ‘wilful default’.
The current government has tightened norms against such wilful defaulters and has legislated laws like the NCLT (National Company Law Tribunal) to recover the amount they default.
But even after taking several initiatives, their hard work has yielded dismal results.
The recent revelations can have repercussions on the already volatile stock market, it could even crash. The condition is expected to get no better provided the macroeconomic turmoil and credit crunch within India, amongst other things.
Here are some of the companies with a high amount of debt.
Do you even know the number of zeroes in these loan amounts? Tell us when you do! :p ;)
Image Credits: Google Images
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