The recovery as a percentage of gross nonperforming assets moderated to 12.8 percent in 2020-21 from 15.8 percent in the previous fiscal year against the backdrop of the pandemic, Minister of State for Finance Bhagwat K Karad informed India’s Parliament on Monday, the Business Standard reported. As per Reserve Bank of India data on global operations, he said, scheduled commercial banks (SCBs) have recovered an amount of Rs 4,18,687 crore during the last three financial years. Recovery as a percentage of gross nonperforming assets (NPAs) of SCBs stood at 13.1 percent in 2017-18, he said, adding that it rose to 15.1 percent in 2018-19 and to 15.8 percent in 2019-20. After that, it declined to 12.8 percent in 2020-21 (provisional data as on March 31, 2021) against the backdrop of the pandemic, he said. Comprehensive steps have been taken by the government for speedy recovery of NPAs, including those of public sector banks (PSBs), he said in a written reply to the Lok Sabha. Change in credit culture has been effected, with the Insolvency and Bankruptcy Code (IBC) fundamentally changing the creditor/borrower relationship, taking away control of the defaulting company from promoters/owners, and debarring willful defaulters from the resolution process, he said. To make the process more stringent, personal guarantor to corporate debtor has also been brought under the ambit of IBC. A href="https://www.business-standard.com/article/economy-policy/recovery-of-bad-loans-impacted-due-to-covid-pandemic-says-b-k-karad-121071901162_1.html">Read more.