Tag: PSBs

AIBEA wants director posts filled in all public sector banks

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The All India Bank Employees’ Association (AIBEA) has urged the finance ministry to expedite steps to fill the vacant posts of directors in nationalised banks. It claimed that the bank boards were functioning with skeletal strength.

CH Venkatachalam, General Secretary, AIBEA, said in a letter to Finance Minister Nirmala Sitharaman, that 52 per cent of the director posts in the 11 nationalised banks were vacant.

The vacancies would defeat the purpose of these important posts — namely, taking care of the varied interests of banking operations, he said.

FM unveils EASE 4.0 for PSB’s tech transformation

“It also runs counter to the much-professed principles of good governance,” he said.

According to the association, the posts of Workman Director and Officer Director, representing the employees and officers of the banks, respectively, were incorporated in 1970 and had remained filled for 44 years without interruption.

Since 2014, however, when the NDA government came to power, these posts have stayed vacant, the letter added.

PSBs to make additional provision of over ₹21,300 cr for higher family pension, NPS

Venkatachalam emphasised that the association had submitted a panel of names to the banks concerned and the government, as prescribed, but none had been appointed all these years.

The association has learnt that the names it proposed “have been duly recommended by the concerned Banks to the Department of Financial Services in the Ministry of Finance, Government of India, and all these proposals and recommendations are pending consideration by the Government”, he wrote.

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Mudra loan ratio trebles to 20% during pandemic as stress hits small businesses, BFSI News, ET BFSI

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A man displays new 2000 Indian rupee banknotes after withdrawing them from a State Bank of India (SBI) branch in Kolkata, India, November 10, 2016. REUTERS/Rupak De Chowdhuri/Files

Gross NPAs in the Mudra loan book is estimated to have reached around 20 per cent at June-end 2021, from around 6 per cent at March-end 2020.

As the stress builds up in the economy due to pandemic, lenders are seeing a sharp uptick in NPAs in Mudra loans, which have trebled in June 2021 over the pre-Covid fiscal of 2019-20.

Gross NPAs in the Mudra loan book is estimated to have reached around 20 per cent at June-end 2021, from around 6 per cent at March-end 2020.

In Maharashtra, public sector banks’ Mudra loan NPAs have risen to 32 per cent at June-end 2021, from 26 per cent at June-end 2020.

SBI’s NPA on Mudra loans in the state is at 59 per cent as on June-end 2021 followed by Punjab National Bank at 44 per cent, Indian Bank at 33 per cent and Bank of Maharashtra at 31 per cent at June-end 2021.

In Jharkahnd, Canara Bank Mudra NPAs as high as 114.35 per cent as bad loans were Rs 183.63 crore against the outstanding amount of loans at Rs 160.58 crore.

Among private sector banks, HDFC Bank’s Mudra loan NPA in Jharkhand was at 26.21 per cent, followed by IDFC First Bank at 24.93 per cent.

The Credit Guarantee Fund for Micro Units (CGFMU) provides guarantee against loan losses in Mudra loans, but 75 per cent of NPAs in Mudra loans, while the rest of losses have to be borne by the banks.

Loan losses

Public sector banks (PSBs) have seen a sharp surge in the amount of Mudra loans turning into non-performing assets (NPAs) over the last three years. NPAs in Mudra loans had jumped to Rs 18,835 crore in 2019-20, from Rs 11,483 crore in 2018-19 and Rs 7,277 in 2017-18, according to the Finance Ministry data.

Mudra loan disbursements by state-owned banks rose to Rs 3.82 lakh crore in 2019-20, from Rs 3.05 lakh crore in 2018-19 and Rs 2.12 lakh crore in 2017-18. The Mudra loan NPAs as a percentage of total loans rose to 4.92 per cent in 2019-20 from 3.42 per cent in 2017-18.

Banks and financial institutions have sanctioned Rs 14.96 lakh crore to over 28.68 crore beneficiaries in the last six years. The average ticket size of the loans is about Rs 52,000, it said.

Under PMMY collateral-free loans of up to ₹10 Lakh are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.

The scheme

Under the scheme, credit up to Rs 10 lakh is provided by banks and non-banking financial companies to small and new businesses.

The loans are given for income generating activities in manufacturing, trading and services sectors and for activities allied to agriculture.

The government has sanctioned loans of Rs 15.5 lakh crore under PMMY since its inception in April 2015.

Till March 31, 2021, the Government had sanctioned 29.55 crore loans under the scheme. Of this more than 6.8 crore loans worth Rs 5.2 lakh crores have been given to new entrepreneurs.

For FY22, loans worth Rs 3,804 crore have been sanctioned by 13 public sector banks (PSBs) as on June 25.



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PSBs to make additional provision of over ₹21,300 cr for higher family pension, NPS

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Public sector banks will have to make an additional provision of over ₹21,300 crore annually on account of revision of norms to calculate family pension and higher contribution toward National Pension System (NPS).

“Keeping in view the requirements of the Accounting Standard (AS15R) issued by the Chartered Accountants of India and also as per the Companies Accounting Rules (2006), the incremental provision towards the Family pension as per the actuarial estimate is ₹20,302.9 crore,” a note prepared for the proposal, seen by BusinessLine, said.

The note also mentioned that special dispensation will be sought from the Reserve Bank of India (RBI) to allow provisions over next five years to avoid any immediate adverse impact on the balance sheets of the banks.

On Wednesday, Financial Services Secretary Debashish Panda said the government has approved the Indian Banks’ Association’s (IBA) proposal to increase the family pension to 30 per cent of last salary drawn. In continuation of the 11th bi-partite settlement on wage revision of public sector bank employees, which was signed by the IBA with the unions on November 11 last year, there was a proposal for enhancement of family pension and also the employers’ contribution under the NPS.

According to Panda, the scheme, earlier, had slabs of 15, 20 and 30 per cent of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of ₹9,284. “That was a very paltry sum and Finance Minister Nirmala Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain,” he said.

As on March 31, the total number of pensioners stood at around 5.66 lakh and family pensioners at over 1.55 lakh.

 

National Pension System

The system prescribes contributory pension system where originally it was decided that employees will contribute 10 per cent of their basic plus dearness allowance while a matching amount will be provided by the government employer. On December 10, 2018, it was decided that for a Central government employee, the mandatory contribution by the employer would be raised to 14 per cent from April 1, 2019. The same mechanism will now be valid for employees of public sector banks.

“Based on the feedbacks received from the banks, the additional cost on account of increased contribution will be of the order of ₹1,080 crore per annum for all the PSBs,” the note mentioned above said. This will have an impact on nearly 60 per cent (around 4.68 lakh) bank employees out of a total strength of over 7.79 lakh.

Higher payout by the employer would translate into an increase in the accumulated corpus of employees covered under NPS. This will result in greater pension payouts after retirement without any additional burden on the employee. As on date, an employee can withdraw 60 per cent of total corpus for which she/he does not have to pay any tax, while the remaining 40 per cent of the amount utilised for purchasing an annuity from the Annuity Service Provider, registered and regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and empanelled by the Pension Fund Regulatory and Development Authority (PFRDA), is also tax exempt.

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EASE 4.0 reforms agenda: PSBs to transform into ‘digital-attacker banks’

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Finance Minister Nirmala Sitharaman on Wednesday unveiled a roadmap to transform all public sector banks (PSBs) into “digital-attacker banks”, working hand-in-hand with key constituents of the financial services ecosystem to offer industry-best customer experience.

The fourth edition of the EASE (Enhanced Access and Service Excellence) reforms agenda for PSBs has been unveiled in the backdrop of the amalgamation of 13 PSBs into 5 PSBs being successfully completed over the last two years.

EASE 4.0 commits PSBs to tech-enabled, simplified and collaborative banking, the Indian Banks’ Association (IBA) said in a statement, adding that it aims to further the agenda of customer-centric digital transformation and deeply embed digital and data into PSBs’ ways of working.

24×7 banking

According to the IBA statement, under EASE 4.0, the theme of new-age 24×7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services by ensuring 24×7 availability of select banking channels, improving the reliability of technology platforms, and aligning internal processes in the PSBs to deliver such services.

In addition to the aforementioned new themes, several other new reforms will be added to existing themes, such as increased use of digital and data for agriculture financing through partnerships with third parties for alternative data exchange, driving impetus on digital payments in semi-urban and rural areas, at-scale adoption of doorstep banking services for PSB customers, etc.

Focus on North-East

Banks have also been asked to come up with specific schemes for the North-East, Sitharaman told reporters.

She also highlighted that the high CASA deposits in the Eastern States are a matter of concern and said banks should give a facility in the region for greater credit expansion.

While she did not comment on questions relating to privatisation of public sector banks and general insurance companies, she stressed that government will have a bare minimum presence in strategic sectors. “Banks, financial services, and insurance have been identified as strategic sectors,” she stressed.

Bad bank

Sitharaman said the proposed bad bank is very close to getting a licence. Panda said the Indian Banks’ Association has applied to the RBI and a licence for the bad bank is expected soon. Projects have also been identified, he said.

The Finance Minister also stressed that under the National Monetisation Pipeline there will be no change of ownership and ownership of assets will still remain with the Government.

“These are brownfield assets but are underutilised. If the government has to utilise it better, it has to be through monetisation process wherein it will be put to effective use with a bit more addition to spruce it up to bring it up to utilisation,” she said in response to a query.

Taking on criticism over the government’s ₹6-lakh crore monetisation plan, she pointed out that it was Congress-led governments that had raised ₹8,000 crore by monetising the Mumbai-Pune expressway and had also floated the request for proposal for the New Delhi Railway Station.

‘Inflation will cool’

Revenue Secretary Tarun Bajaj said that it is expected that inflation will come down once the crops are harvested.

“The RBI has come out with a guidance on inflation and said that the inflation, which is a little on the up, will cool down in some time, and we also feel that once the crops come out, inflation should come down,” he said, adding that it would remain within the target of four per cent to six per cent.

He also noted that the government has taken a number of supply-side measures such as reduction in the duties on a number of products, including edible oil.

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PSBs to transform into ‘digital-attacker banks’ under EASE 4.0 reforms agenda

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Union Finance Minister Nirmala Sitharaman on Wednesday unveiled a roadmap to transform all public sector banks (PSBs) into “digital-attacker banks”, working hand-in-hand with key constituents of the financial services ecosystem to offer industry-best customer experience.

The fourth edition of the EASE (Enhanced Access and Service Excellence) reforms agenda for PSBs has been unveiled in the backdrop of the amalgamation of 13 PSBs into 5 PSBs being successfully completed over the last two years.

EASE 4.0 commits PSBs to tech-enabled, simplified and collaborative banking, the Indian Banks’ Association (IBA) said in a statement, adding that it aims to further the agenda of customer-centric digital transformation and deeply embed digital and data into PSBs’ ways of working..

24×7 banking services

In the last two years, PSBs have undergone mega consolidation. It started with Dena Bank and Vijaya Bank being amalgamated with Bank of Baroda (with effect from April 1, 2019).

This amalgamation was followed by the amalgamation of Oriental Bank of Commerce and United Bank of India with Punjab National Bank; Syndicate Bank with Canara Bank; Andhra Bank and Corporation Bank with Union Bank of India; and Allahabad Bank with Indian Bank with effect from April 1, 2020.

According to the IBA statement, under EASE 4.0, the theme of new age 24×7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services by ensuring 24×7 availability of select banking channels, improving the reliability of technology platforms, and aligning internal processes in the PSBs to deliver such services.

As per the agenda, collaborative banking for synergistic outcomes aims to maximise synergies through collaboration between PSBs and with broader financial services ecosystem such as non-banking finance companies (NBFCs) for the coordinated handling of co-originated loans.

In addition to the new themes, several other new reforms will be added to existing themes such as increased use of digital and data for agriculture financing through partnerships with third parties for alternate data exchange, driving impetus on digital payments in semi-urban and rural areas, at-scale adoption of doorstep banking services for PSB customers.

EASE 3.0

Smart Lending was a key theme introduced under EASE 3.0 (launched in FY21) to simplify access to credit through initiatives such as ‘Dial-a-loan’ for origination of loans through digital channels available 24×7.

Further, ‘Credit@click’ was introduced for end-to-end digital retail and MSME loans with significantly reduced turnaround time, pro-active reach-out to existing bank customers through analytics-based and customer-need driven credit offers, use of cash-flow data based lending, etc.

The IBA statement said PSBs now offer 24×7 availability of select retail and MSME credit products through five digital channels – SMS, missed call, call centre, bank website, and mobile banking application.

“These channels are integrated end-to-end to ensure action on credit requests within committed turnaround time.

“PSBs are also offering the facility to customers to request product advice, loan application filling, and necessary documents collection at their doorstep,” the Association added.

Meanwhile, IBA said State Bank of India (SBI), Bank of Baroda (BoB), and Union Bank of India (UBI) have won the awards for best performing banks for PSB Reforms EASE 3.0 based on the EASE index. Indian Bank won the award for the best improvement from the baseline performance.

SBI, BoB, UBI, Punjab National Bank and Canara Bank won the top awards in different themes of the PSB Reforms Agenda EASE 3.0.

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As markets soared, PSBs raised a record Rs 58,700 via debt, equity, BFSI News, ET BFSI

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Make hay while the sun shines. As the stock market soared during the pandemic, public sector banks raised a record Rs 58,700 crore from markets in FY2020-21 through a mix of debt and equity to enhance the capital base.

Series of successful QIP reflect the confidence of both domestic and global investors in PSBs and their potential.

The fundraise

This included Rs 4,500 crore raised by Mumbai-based Bank of Baroda from qualified institutional placement (QIP). Punjab National Bank mobilised Rs 3,788 crore through share sale on a private placement basis during the financial year ended March 31, 2021.

At the same time, Bengaluru-based Canara Bank raised Rs 2,000 crore from QIP, as per data collated from regulatory filings.

In addition, 12 PSBs raised funds from Tier I and Tier II bonds taking the total fund mobilisation to Rs 58,697 crore, highest amount garnered in any financial year.

Government reforms

Various reforms undertaken by the government including recognition, resolution and recapitalisation resulted in progressive decline in non-performing assets (NPAs) and subsequent rise in profit.

NPAs of PSBs had declined to Rs 7,39,541 crore as on March 31, 2019, Rs 6,78,317 crore on March 31, 2020 and further to Rs 6,16,616 crore as on March 31, 2021 (provisional data). Provision Coverage Ratio (PCR) at the same time increased sequentially to a high of 84 per cent.

As a result, PSBs in aggregate recorded a profit of Rs 31,816 crore, highest in five years, despite 7.3 per cent contraction in economy in 2020-21 due to COVID-19 pandemic.

The primary reason for PSBs to post such a Rs 57,832-crore turnaround from a loss of Rs 26,015 crore in 2019-20 to a combined profit of Rs 31,816 crore was the end of their legacy bad loan problem.

At the same time, comprehensive steps were taken to control and to effect recovery in NPAs, which enabled PSBs to recover Rs 5,01,479 crore over the last six financial years.

Credit growth

Overall credit growth of Scheduled Commercial Banks (SCBs) has remained positive for 2020-21 despite a contraction in GDP (-7.3 per cent) due to the COVID-19 pandemic.

As per the RBI data, gross Loans and Advances of SCBs increased from Rs 109.19 lakh crore as of March 31, 2020, to Rs 113.99 lakh crore as of March 31, 2021.

Further, as per RBI data of loans to agriculture and allied activities, micro, small and medium enterprises, housing and vehicles have witnessed a year-on-year growth of 12.3 per cent, 8.5 per cent, 9.1 per cent and 9.5 per cent respectively during the year.



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PSBs vacating branches open doors for other lenders

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The move by five public sector banks to reduce their branch numbers is proving godsend for lenders looking to expand their network.

The branches being vacated by Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Union Bank of India (UBI) and Indian Bank have opened the doors to ready-made premises for other lenders. For the latter set, network expansion happens faster, at reasonable costs (as owners of these premises are desperate to rent them out) and without the hassle of re-doing interiors.

To cut down on operating expenses, the five PSBs have been merging or rationalising branches after the amalgamation of banks with them.

AS Rajeev, MD & CEO, Bank of Maharashtra, observed, 25-30 per cent of the branches opened by BoM last year were in the premises vacated by the PSBs. “The rent is comparatively less. That is why our rent outgo is not increasing despite the rise in the number of branches,” he said. BoM, which opened 82 branches last year, plans to open about 100 in FY22.

BK Divakara, CFO, CSB Bank, noted that 30-40 branches opened in 2020 and so far this year have been at premises vacated by a PSB. Divakara said the bank opened 101 branches last year and plans to open 200 this year.

CSB Bank actively scouts for ready-to-move premises being vacated by PSBs to avoid overlap of branches. These premises usually come with a strong-room (constructed to central bank specifications), counters and furnishings.

Branch rationalisation

After the amalgamation of Dena Bank and Vijaya Bank with BoB on April 1, 2019, the latter merged or rationalised 1,310 branches.

PNB rationalised about 430 branches after Oriental Bank of Commerce and United Bank of India were merged with it from April 1, 2020.

Canara Bank merged or closed 105 branches after taking over Syndicate Bank on April 1, 2020.

Union Bank of India merged or closed 275 branches after the amalgamation of Andhra Bank and Corporation Bank with it from April 1, 2020.

Indian Bank rationalised 203 branches after absorbing Allahabad Bank from April 1, 2020.

 

 

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PSBs vacating branches open doors for other lenders

Banking & Finance

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The move by five public sector banks to reduce their branch numbers is proving godsend for lenders looking to expand their network.

The branches being vacated by Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Union Bank of India (UBI) and Indian Bank have opened the doors to ready-made premises for other lenders. For the latter set, network expansion happens faster, at reasonable costs (as owners of these premises are desperate to rent them out) and without the hassle of re-doing interiors.

To cut down on operating expenses, the five PSBs have been merging or rationalising branches after the amalgamation of banks with them.

AS Rajeev, MD & CEO, Bank of Maharashtra, observed, 25-30 per cent of the branches opened by BoM last year were in the premises vacated by the PSBs. “The rent is comparatively less. That is why our rent outgo is not increasing despite the rise in the number of branches,” he said. BoM, which opened 82 branches last year, plans to open about 100 in FY22.

BK Divakara, CFO, CSB Bank, noted that 30-40 branches opened in 2020 and so far this year have been at premises vacated by a PSB. Divakara said the bank opened 101 branches last year and plans to open 200 this year.

CSB Bank actively scouts for ready-to-move premises being vacated by PSBs to avoid overlap of branches. These premises usually come with a strong-room (constructed to central bank specifications), counters and furnishings.

Branch rationalisation

After the amalgamation of Dena Bank and Vijaya Bank with BoB on April 1, 2019, the latter merged or rationalised 1,310 branches.

PNB rationalised about 430 branches after Oriental Bank of Commerce and United Bank of India were merged with it from April 1, 2020.

Canara Bank merged or closed 105 branches after taking over Syndicate Bank on April 1, 2020.

Union Bank of India merged or closed 275 branches after the amalgamation of Andhra Bank and Corporation Bank with it from April 1, 2020.

Indian Bank rationalised 203 branches after absorbing Allahabad Bank from April 1, 2020.

 

 

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Public sector banks recover Rs 1 lakh crore from written-off accounts, BFSI News, ET BFSI

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Public banks have recovered around Rs 1 lakh crore they had written off in the last few years, according to finance ministry officials.

There has been discussion around “write-off” of over Rs 8 lakh crore during the last seven years, the government
believes that these are technical in nature and are actually meant to bring about transparency in bank balance sheets.

The steps taken by the government over the last few years — from enacting Insolvency & Bankruptcy Code and strengthening other laws to administrative measures — have helped banks recover around Rs 5.5 lakh crore of bad debt including Rs 99,996 from accounts that had been technically written off. Banks have used multiple sources — accruals, fundraising from the market and capital infusion by the government — to comply with the regulatory requirements.

Internal accruals and market raising account for as much as 70% of the provisioning done during the last few years.

The write-offs

Public sector banks have written off a massive Rs 8 lakh crore worth of loans since 2014, more than double the capital of Rs 3.37 lakh crore infused by the government in them.

The highest infusion was in fiscal 2019 when Rs 1.06 lakh crore were infused while in 2020-21, the government put in Rs 14,500 crore into four public sector banks.

The maximum write-offs were in fiscal 2019 at Rs 1.83 lakh crore, following by FY20 at Rs 1.75 lakh crore.

Reduction in non-performing assets due to write-offs for public sector banks stood at Rs 1,31,894 crore during fiscal 2020-21.

In FY2019-20, the number stood at Rs 1,75,877 crore, the RBI said

In the last seven years, bank credit to the industrial sector dropped to 28.9% in 2021 as compared to 42.7% in 2014. Credit to the retail sector grew from 16.2% to 26.3% in the last seven years.

The comparison

The loans write-off between 2015 and 2019 were more than three times compared to the figures of bad loans written off during the previous Congress-led UPA regime from 2004-2014, as per an RTI revelation.

During the UPA’s 10-year rule, around Rs2,20,328 crore was written off by various banks, and this figure shot up to Rs 7,94,354 crore during the NDA regime from 2015-2019, resulting in a corresponding reduction in the banks’ NPAs.

The RTI reply figures around two-dozen public sector banks (PSBs), some three-dozen in the private sector, nine scheduled commercial banks, a four-dozen foreign banks, and several in each category not written off any loans.

Of the loan write-offs in the UPA decade (2004-2014), the PSBs accounted for approximately Rs 1,58,994 crore, while the private banks’ amounts were Rs41,391 crore and for foreign banks it was Rs 19,945 crore, with no write-offs by Scheduled Banks.

Later, in the NDA regime (2015-2019), the PSBs accounted for a stupendous Rs 6,24,370 crore loan write-off, with the private banks writing off Rs 1,51,989 crore and the foreign banks shared the remaining 17,995 crore, (Total—Rs7,94,354 crore), besides an additional write-off by scheduled banks totalling Rs 1,295 crore (Total – Rs 7,95,649 crore).



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At Rs 8 lakh crore, PSB write-offs more than double the capital infusion by govt, BFSI News, ET BFSI

Banking & Finance

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Public sector banks have written off a massive Rs 8 lakh crore worth of loans since 2014, more than double the capital of Rs 3.37 lakh crore infused by the government in them.

The highest infusion was in fiscal 2019 when rs 1.06 lakh crore were infused while in 2020-21, the government put in Rs 14,500 crore into four public sector banks.

The maximum write-offs were in fiscal 2019 at Rs 1.83 lakh crore, following by FY20 at Rs 1.75 lakh crore.

Reduction in non-performing assets due to write-offs for public sector banks stood at Rs 1,31,894 crore during fiscal 2020-21.

In FY2019-20, the number stood at Rs 1,75,877 crore, the RBI said

In the last seven years, bank credit to the industrial sector dropped to 28.9% in 2021 as compared to 42.7% in 2014. Credit to the retail sector grew from 16.2% to 26.3% in the last seven years.

The comparison

The loans write-off between 2015 and 2019 were more than three times compared to the figures of bad loans written off during the previous Congress-led UPA regime from 2004-2014, as per an RTI revelation.

During the UPA’s 10-year rule, around Rs2,20,328 crore was written off by various banks, and this figure shot up to Rs7,94,354 crore during the NDA regime from 2015-2019, resulting in a corresponding reduction in the banks’ NPAs.

The RTI reply figures around two-dozen public sector banks (PSBs), some three-dozen in the private sector, nine scheduled commercial banks, a four-dozen foreign banks, and several in each category not written off any loans.

Of the loan write-offs in the UPA decade (2004-2014), the PSBs accounted for approximately Rs 1,58,994 crore, while the private banks’ amounts were Rs41,391 crore and for foreign banks it was Rs 19,945 crore, with no write-offs by Scheduled Banks.

Later, in the NDA regime (2015-2019), the PSBs accounted for a stupendous Rs 6,24,370 crore loan write-off, with the private banks writing off Rs 1,51,989 crore and the foreign banks shared the remaining 17,995 crore, (Total—Rs7,94,354 crore), besides an additional write-off by scheduled banks totalling Rs 1,295 crore (Total – Rs 7,95,649 crore).

During the NDA rule, there was some recovery from the write-offs between 2015 and 2019— Rs 82,571 crore, or roughly 12% of the total Rs 7,94,354 crore, were written off.



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