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Jaitley sees banks recovering Rs 70,000-cr bad loans by March-end

New Delhi: India’s Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover Rs 700 ($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 Rs 800 from the resolution of 66 cases, he added.