Pune: Bank of Maharashtra Write Offs Over Rs17,000 Crore Loans

Pune: June 30, 2021: Bank of Maharashtra has written off the loans of Rs17,802 crores in the last five years. Among them, the loan defaulter’s worth was Rs10,130 crore. Interestingly, the bank could recover a loan of Rs930 crore (nine percent of the total amount) in the last five years.

Meanwhile, the bank has refused to divulge the names of the loan defaulters. Recently, there was much hue and cry when the bank decided to write off the loans. Bank cleared that it was a technical write-off, it does not mean there will be no recovery.

One of the shareholders of the bank had asked for information regarding loan defaulters, write-off loans, and their names. However, the bank had given 50% of the information sought. Similarly, the information about how much loan was write off every year by the bank too was sought. But it too was not given by the bank.

The shareholders now are demanding the names saying that if the State of India and other banks could make the names public, then why Bank of Maharashtra is unwilling to declare the names.

The information provided by the bank regarding write off of the loans in the last five years is as follows
2020-21: rs4662 crores
2019-2020: Rs5697 crores
2018-2019: Rs5127 crores
2017-2018: Rs 2460 crores
2017-2016: Rs1357 crores.

Sajag Nagrik Manch president Vivek Velankar alleged that if the bank is hiding the information, it means that it has hand in glove with the defaulters. “They must be having some financial transaction that is why the bank is hiding them”, Velankar alleged.

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