Rs 5.49 Lakh Crore recovered by Public Sector Bank from defaulters

Tags: Economics/Business

• The Finance Minister informed the Lok Sabha that public sector banks have recovered Rs 5.49 lakh crore from defaulters in the last seven years.
• She also said that Rs 13,109.71 crore was recovered from the sale of assets of the fugitive defaulters Nirav Modi, Vijay Mallaya and Mehul Choksi as of July 2021.

Fugitive economic offender 

The Economic fugitive Offender act 2018, defines an economic offender as a person who has committed an offence like counterfeiting of currency notes,dishonouring of cheques, default on payment of loans   etc  and the value of offence is more than Rs 100 crore.