Banks recover Rs. 40,400 cr of bad loans: RBI
New Delhi, Jan 1 (IBNS): The Reserve Bank of India (RBI) has revealed that banks have witnessed a significant improvement in recovery of stressed assets aided by the Insolvency and Bankruptcy Code (IBC) during FY18.
As per RBI data, banks have also been able to make amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act.
Banks recovered Rs. 40,400 crore worth of bad loans in the fiscal that ended on March 2018 as against Rs 38,500 crore recovered in FY17.
Through IBC, the banks recovered Rs 4,900 crore of bad loans, the RBI data revealed.
During this period, the amount recovered through SARFAESI was Rs 26,500 crore.
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