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Banks likely to recover bad loans worth 700 billion rupees by March-end: Arun Jaitley

Reuters
Finance Minister Arun Jaitley attends a news conference sharing details about the recapitalisation of public sector banks in New Delhi, India, January 24, 2018. REUTERS/Saumya Khandelwal/Files (Reuters)

NEW DELHI (Reuters) - India's Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases.

Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook.

Lenders have so far recovered 800 billion rupees from the resolution of 66 cases, he added.

($1 = 70.3575 Indian rupees)

(Reporting by Aftab Ahmed; Editing by Subhranshu Sahu)