State-run lender Bank of Maharashtra (BoM) has written off bad loans of over Rs3,002.85 crore in FY20-21 belonging to big defaulters, taking its total of written off loans to Rs10,405.43 crore over the past 10 years.

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The lady on the street implicitly trusts public sector banks (PSBs) for their sarkari parentage and presumes her deposits are safe, since a bank owned by the government will not be allowed to go under and cause any loss to the public in any eventuality

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There is no finding the light at the end of the black hole aka public sector banks (PSBs). The mounting non-performing assets (NPAs) have been unyielding to any salutary solution and the government and the Reserve Bank of India (RBI) have practically thrown every known ammunition at the problem.

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While the common borrowers are struggling with repaying equated monthly instalments (EMIs) of their loans and also face harassment for missing a single EMI,

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RTI activist, Vivek Velankar has been running a vigorous campaign in Pune to unearth information from big nationalised banks on large loan write-offs, exceeding Rs100 crore each. He covered 12 public sector banks (PSBs) in this mission and the results are staggering.

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While common borrowers are harassed for recovery of smaller loan amounts, when it comes to big borrowers, banks are often found giving preferential treatment to these defaulters.

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The way public sector banks (PSBs) are giving flimsy excuses for denying information under the Right to Information (RTI) Act on bad loans, loan write off and names of big defaulters, whose defaults are Rs100 crore and more, one could safely say that the public information officers (PIOs) of these PSBs have mastered the art of evasion to a fault.

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While the common borrower is still struggling to repay monthly instalments, one more big bank has shown how big defaulters are having their cake and eating it as well without any qualms or worries.

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When it comes to writing off bad loans, especially of big defaulters, all public sector banks (PSBs) follow the same strategy and get tax benefits too.

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Canara Bank is the latest to join other big public sector banks (PSBs) that have written off bad loans worth thousands of crores of rupees and recovered paltry amounts from big defaulters.

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Following the footsteps of other large banks from the public sector, Central Bank of India too wrote off Rs17239.74 crore and recovered a paltry 7% or Rs1205.92 crore over the past eight financial years from big defaulters.

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Indian Overseas Bank (IOB) is the latest to join other big banks that have written off bad loans worth thousands of crores and recovered paltry amounts from defaulters.

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Punjab National Bank (PNB) is yet another public sector lender to written off a massive Rs44,565.59 crore as technical write offs in a four year period from FY2016-17 to FY19-20. As against these write offs, the recover was just Rs12,027.97 crore.

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IDBI Bank Ltd, which has received multiple bailouts in the past few years is the latest to join the list of lenders that wrote off tens of thousand crore rupees as bad loans.

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The malaise of big loan write-offs and poor recovery extends across public sector banks, as is evident from the Rs26,072 crore bad loan written off by Union Bank of India (UBI) in the past eight years.

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Bank of Maharashtra (BoM) has written off bad loans of over Rs7,402 crore in the past years, while recovering a paltry 4% in over eight years from recovery efforts.

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Bank of Baroda (BoB) is the second public sector bank to write off bad loans of several thousand crores, following the foot steps of State Bank of India (SBI), which wrote of Rs1.23 lakh crore and recovered just over 7% over the past eight financial years

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Demanding to stop present practice of giving concessions to the defaulters and burdening the banking public with lesser rate of interest on their savings and increasing in service charges, a leading bank union has shared list of top 2,426 wilful defaulters, who together owe over Rs1.47 lakh crore to banks.

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While the banking regulator and the union government have been busy clarifying that bad loans written off does not mean a waiver, documents procured by Vivek Velankar from State Bank of India (SBI) reveals miniscule recovery of these bad debts.

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The Reserve Bank of India (RBI) has admitted to writing off a staggering amount of Rs 68,607-crores due from 50 Top Wilful Defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI.

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