Commercial banks likely to recover bad loans worth 700 billion rupees by March end: Arun Jaitley

Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook.

Union Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases.

Union Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees of bad loans (HT File Photo)

Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook.

Lenders have so far recovered 800 billion rupees from the resolution of 66 cases, he added.