NEW DELHI: Enthused through the a hit resolution of Bhushan Steel, fraud-hit Punjab National Bank (PNB) is hopeful of Rs 8,000 crore recovery from dangerous loans within the first quarter of the current fiscal.
The financial institution, with its focal point on recovery of dues from defaulters, has managed to surpass the total quantity recovered within the final fiscal within the first two months of this monetary yr, a senior PNB legitimate informed PTI.
"This is due to renewed focus on recovery by PSB banks including referral of many cases to NCLT under the bankruptcy code is forcing many of the defaulting companies to settle their NPAs. While PNB had recovered Rs 5,617.55 crore in the whole of last year, the bank's recovery stands at Rs 6,000 crore by first week of June," the legitimate said.
By the time this quarter (April-June) ends, PNB expects to finish recovery of just about Rs 8,000 crore, the legitimate said, adding that enormous corporates like Religare, Arcotech and Surya Alloys have recently settled dangerous loans price Rs 350 crore within the final two months by means of the recovery camps setup through PNB.
PNB posted lack of Rs 13,416.91 crore for the fourth quarter ended March, 2018, the most important ever through any home lender.
The financial institution final month said it supplied for Rs 7,178 crore, 50 per cent of the total quantity of Rs 14,356 crore within the fourth quarter of 2017-18, on the subject of the loss incurred because of Nirav Modi fraud.
According to the financial institution, the remaining quantity will be covered within the 3 quarters of the current fiscal yr.
PNB further said it has paid Rs 6,586.11 crore to other banks to discharge its liabilities against Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised means to positive out of the country branches of Indian banks in the course of the misuse of SWIFT gadget of the financial institution, which used to be then no longer built-in with CBS (core banking answers).
Modi and his pals in connivance with some officials of PNB defrauded the financial institution of over USD 2 billion buck.
To focal point on recovery, PNB has moved over three,000 group of workers from operations around the country into the wired property vertical, the legitimate said.
"The stressed assets vertical has started operating from June 1. Four General Managers from the Corporate office have been tasked with heading the recovery vertical as part of the bank's management strategy to fast track recovery of NPAs," the legitimate said.
The financial institution, with its focal point on recovery of dues from defaulters, has managed to surpass the total quantity recovered within the final fiscal within the first two months of this monetary yr, a senior PNB legitimate informed PTI.
"This is due to renewed focus on recovery by PSB banks including referral of many cases to NCLT under the bankruptcy code is forcing many of the defaulting companies to settle their NPAs. While PNB had recovered Rs 5,617.55 crore in the whole of last year, the bank's recovery stands at Rs 6,000 crore by first week of June," the legitimate said.
By the time this quarter (April-June) ends, PNB expects to finish recovery of just about Rs 8,000 crore, the legitimate said, adding that enormous corporates like Religare, Arcotech and Surya Alloys have recently settled dangerous loans price Rs 350 crore within the final two months by means of the recovery camps setup through PNB.
PNB posted lack of Rs 13,416.91 crore for the fourth quarter ended March, 2018, the most important ever through any home lender.
The financial institution final month said it supplied for Rs 7,178 crore, 50 per cent of the total quantity of Rs 14,356 crore within the fourth quarter of 2017-18, on the subject of the loss incurred because of Nirav Modi fraud.
According to the financial institution, the remaining quantity will be covered within the 3 quarters of the current fiscal yr.
PNB further said it has paid Rs 6,586.11 crore to other banks to discharge its liabilities against Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised means to positive out of the country branches of Indian banks in the course of the misuse of SWIFT gadget of the financial institution, which used to be then no longer built-in with CBS (core banking answers).
Modi and his pals in connivance with some officials of PNB defrauded the financial institution of over USD 2 billion buck.
To focal point on recovery, PNB has moved over three,000 group of workers from operations around the country into the wired property vertical, the legitimate said.
"The stressed assets vertical has started operating from June 1. Four General Managers from the Corporate office have been tasked with heading the recovery vertical as part of the bank's management strategy to fast track recovery of NPAs," the legitimate said.
PNB expects Rs 8,000 crore recovery from NPAs this month
![PNB expects Rs 8,000 crore recovery from NPAs this month]()
Reviewed by Kailash
on
June 10, 2018
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