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In a step to help public sector banks to recover bad loans, the Finance Ministry has asked the I-T Department to share details of defaulters’ wealth tax returns with public sector banksif they ask for such information.
The top 30 non-performing assets of state-owned banks account for 40.2 per cent of their gross bad loans. According to available data, NPAs of state-owned banks rose 28.5 per cent to ₹2.36 lakh crore in September last year from ₹1.83 lakh crore in March, 2013.
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