Indian Banks Incur Losses of ₹21,22,627 Lakh Crore Through Write-Offs”
BJP’s 2014 Black Money Agenda: A Promise Unfulfilled?
In its 2014 election manifesto (Table No. 5), the Bharatiya Janata Party (BJP) made a strong promise to the nation: to bring back black money stashed in foreign banks and offshore accounts. The party pledged to set up a dedicated Task Force, recommend amendments to existing laws, and even enact new legislation to ensure that illicit wealth belonging to India would be repatriated on priority.
However, more than a decade later, from FY 2014 to 2025, the results tell a different story. Not only has no significant black money been brought back, but Indian banks have also witnessed staggering losses. According to data, loan write-offs during this period amount to approximately ₹21,22,627 lakh crore.
Economic Impact
The consequences of these write-offs and the failure to recover black money have been severe:
- Strain on taxpayers: The financial burden ultimately falls on ordinary citizens, as public funds are used to cover bank losses.
- Slower economic growth: With banks under pressure, lending capacity—especially for small borrowers and farmers—has been reduced.
- Investor confidence shaken: A lack of accountability in the financial system undermines trust and discourages investment.
- Diversion of resources: Funds that could have been directed toward critical sectors like infrastructure, healthcare, and education have been compromised.
The gap between promises and outcomes raises questions about governance, accountability, and the future of financial reforms in India.
Helpful Foundation Steps In
Recognising the gravity of the situation, Helpful Foundation has raised this matter directly with the Prime Minister’s Office (PMO) and the Enforcement Directorate (ED). The Foundation has urged authorities to:
- Investigate why the black money recovery promise remains unfulfilled.
- Hold accountable those responsible for massive bank write-offs.
- Ensure reforms that restore trust, fairness, and strength in India’s financial system.
The Foundation’s intervention highlights growing public concern over unkept promises and the urgent need for action to safeguard the economy and taxpayers’ interests.