Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third

India's state-owned banks had classified Rs 1.50 trillion ($21.76 billion) worth of loans as "wilful defaults" in 2018-19, with the biggest lender State Bank of India accounting for nearly a third, the finance minister said in the parliament.

Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments.

The State Bank of India saw the highest number of wilful defaults at Rs 46158 crore, while Punjab National Bank stood second at Rs 25090 crore, then Bank of India at Rs 9890 crore, Finance Minister Nirmala Sitharaman said in a written reply