State banks recover USD 8.69 billion of bad loans in April-September

New Delhi: Indian state-run banks recovered 607.3 billion rupees ($8.69 billion) of outstanding bad loans in the April-September period, which a finance ministry official said on Thursday was a “record” haul.

Financial Services Secretary Rajeev Kumar said the government would give funds to four to five banks under a prompt corrective action plan after considering their financial results.

He also said banks have raised 244.4 billion rupees from the market this fiscal year.