Massive write-offs, low recovery ailing banking sector: Amit Mitra

Principal chief advisor to West Bengal chief minister Amit Mitra said on Thursday that massive write-offs in the last nine years and low recovery is presently ailing the banking sector of the country.
Speaking at a CII banking session here, Mitra said that in the last nine years from 2014-2023, Rs 14.56 lakh crore has been written off from the books of the banks.
During 2021-22, the written-off amount was Rs 1.75 lakh crore, and subsequently Rs 2.09 lakh crore in the succeeding fiscal.
Mitra, also the former finance minister of the West Bengal government, said that union minister of state for finance Bhagwat Karad had informed Parliament that out of the total written-off amount of Rs 14.56 lakh crore, Rs 7.40 lakh crore are for large industry and services segments.
He said, however, the recovery had been low to the tune of Rs 2.04 lakh crore out of Rs 14.56 lakh crore, which means more than Rs 12 lakh crore is yet to be recovered.
According to him, the amount of write-offs in the