December 20, 2018 / 11:15 AM / 5 months ago

State banks recover $8.69 billion of bad loans in April-September

A labourer works on the sign of a bank building in the western Indian city of Ahmedabad November 26, 2010. REUTERS/Amit Dave

NEW DELHI (Reuters) - Indian state-run banks recovered 607.3 billion rupees ($8.69 billion) of outstanding bad loans in the April-September period, which a finance ministry official said on Thursday was a “record” haul.

Financial Services Secretary Rajeev Kumar said the government would give funds to four to five banks under a prompt corrective action plan after considering their financial results.

He also said banks have raised 244.4 billion rupees from the market this fiscal year.

($1 = 69.8900 Indian rupees)

Reporting by Manoj Kumar; Writing by Krishna N.Das; Editing by Sanjeev Miglani

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