Top 10 corporate groups in the country owed Rs 5.73 crore to state-owned banks and financial institutions at the end of March this year, government said.
The Reserve Bank of India collects credit information from banks under the CRILC reporting system for borrowers with the credit exposure greater than Rs 5 crore.
“RBI had informed that gross outstanding credit for top ten corporate groups is Rs 5,73,682 crore as on March 2016,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha.
RBI is prohibited from disclosing credit information except under certain conditions, he added.
The minister was asked whether it was a fact that top 10 corporate houses owe a huge amount of money to the public sector banks and financial institutions.
Gangwar further said that government has taken specific measures to address various issues facing sectors such as infrastructure, steel and textiles where incidence of non-performing assets (NPAs) or bad loans is high.
The government has also approved establishment of six new Debt Recovery Tribunals to speed up the recovery of bad loans to the banking sector.
From Agencies, Feature image courtesy smarter.telstra.com.au
