Banks wrote off bad loans worth over Rs 2.09 lakh crore during financial year (FY)2022-23, taking the total loan write-off by the banking sector to Rs 10.57 lakh crore in the last five years, the Reserve Bank of India (RBI) said in a Right to Information (RTI) reply to the Indian Express.

This loan write-off aided banks to bring down gross non-performing assets (GNPA) or loans defaulted by borrowers to a 10-year low of 3.9 percent of advances in March 2023, according to the report.