NEW DELHI: The country's largest lender SBI will behavior auction of 12 non-performing accounts (NPAs) later this month to recuperate dues of over Rs 1,325 crore.
The e-auction of those accounts will take place on June 25, in keeping with an SBI understand.
The NPA accounts which were put beneath the hammer include Ankit Metal & Power Ltd (Rs 690.08 crore), Modern Steels Ltd (Rs 122.61 crore), Good Health Agrotech Pvt Ltd (Rs 109.14 crore), Amit Cottons Pvt Ltd (Rs 84.70 crore), and Ind-Swift Ltd (Rs 80.49 crore).
The ultimate are Nikhil Refineries (Rs 52.85 crore), Bhaskar Shrachi Alloys (Rs 51.48 crore), Sri Ganesh Sponge Iron Pvt Ltd (Rs 38.96 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore), Karthik Agro Industries (Rs 20.82 crore) and Abhinandan Interexim (Rs 14.15 crore).
State Bank of India (SBI) said interested bidders can behavior due diligence of those belongings with instant impact after filing the expression of hobby and executing a non-disclosure settlement with the bank.
The lender's gross non-performing belongings or bad loans as on March 31, 2018, reached Rs 2.23 lakh crore, which was once 10.91 in keeping with cent of gross advances by means of the tip of 2017-18.
SBI reported a file net loss of Rs 7,718 crore in the fourth quarter ended March, and of Rs 6,547 crore for 2017-18 because of higher provisioning for bad loans.
The net NPAs were Rs 1,10,855 crore (5.73 in keeping with cent of net loans) by means of end of March, 2018.
SBI said that the restoration in its written-off accounts stepped forward to 21.18 in keeping with cent in March quarter and the losses during the previous fiscal were principally because it was once required to make provisions at a higher charges in recognize of advances to stressed sectors of the financial system.
The Reserve Bank's revised framework has earmarked specified norms for early identity of stressed belongings, timeline for implementation of answer plans and a penalty on banks for failing to adhere to the prescribed timeline.
These pointers got here after the banking sector regulator scrapped the former mechanisms such as the Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).
The e-auction of those accounts will take place on June 25, in keeping with an SBI understand.
The NPA accounts which were put beneath the hammer include Ankit Metal & Power Ltd (Rs 690.08 crore), Modern Steels Ltd (Rs 122.61 crore), Good Health Agrotech Pvt Ltd (Rs 109.14 crore), Amit Cottons Pvt Ltd (Rs 84.70 crore), and Ind-Swift Ltd (Rs 80.49 crore).
The ultimate are Nikhil Refineries (Rs 52.85 crore), Bhaskar Shrachi Alloys (Rs 51.48 crore), Sri Ganesh Sponge Iron Pvt Ltd (Rs 38.96 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore), Karthik Agro Industries (Rs 20.82 crore) and Abhinandan Interexim (Rs 14.15 crore).
State Bank of India (SBI) said interested bidders can behavior due diligence of those belongings with instant impact after filing the expression of hobby and executing a non-disclosure settlement with the bank.
The lender's gross non-performing belongings or bad loans as on March 31, 2018, reached Rs 2.23 lakh crore, which was once 10.91 in keeping with cent of gross advances by means of the tip of 2017-18.
SBI reported a file net loss of Rs 7,718 crore in the fourth quarter ended March, and of Rs 6,547 crore for 2017-18 because of higher provisioning for bad loans.
The net NPAs were Rs 1,10,855 crore (5.73 in keeping with cent of net loans) by means of end of March, 2018.
SBI said that the restoration in its written-off accounts stepped forward to 21.18 in keeping with cent in March quarter and the losses during the previous fiscal were principally because it was once required to make provisions at a higher charges in recognize of advances to stressed sectors of the financial system.
The Reserve Bank's revised framework has earmarked specified norms for early identity of stressed belongings, timeline for implementation of answer plans and a penalty on banks for failing to adhere to the prescribed timeline.
These pointers got here after the banking sector regulator scrapped the former mechanisms such as the Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).
SBI to auction 12 bad accounts to recover over Rs 1,325cr
![SBI to auction 12 bad accounts to recover over Rs 1,325cr]()
Reviewed by Kailash
on
June 10, 2018
Rating:
