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SBI puts 11 NPA accounts on sale to recover Rs 1,019 crore

SBI puts 11 NPA accounts on sale to recover Rs 1,019 crore

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Public sector lender State Bank of India (SBI) has put up 11 Non-Performing Assets (NPAs) for sale to Asset Reconstruction Companies (ARCs) and financial companies in a bid to recover dues worth Rs 1,019 crore. India’s largest lender has announced that the e-auction of the identified NPA accounts will take place on November 22.
“In terms of the bank’s policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/ Banks/ NBFCs/ FIs,”  said SBI in an auction notice on its website.

Out of all the 11 NPA accounts, Janki Corp Ltd has the highest outstanding dues of Rs 592.53 crore.

SBIOther names in these categories include Venus Remedies Ltd, SBS Transpole Logistics Pvt Ltd, R S Luth Education Trust, Nilachal Iron & Power Ltd, Sri Balmukund Polyplast with Rs 83.01 crore, Rs 63.36 crore, Rs 60.62 crore, Rs 52.41 crore and Rs 50.12 crore NPAs respectively.
The remaining five companies owe the bank the remaining Rs 117 crore.The bank added that the interested ARCs/ banks/ Non-Banking Financial Companies (NBFCs)/ financial institutions (FIs) can conduct audit of these assets with immediate effect, after submitting expression of interest and executing a Non-Disclosure Agreement (NDA) with the bank.

It further said that after the finalisation of the deal, the assignment deed and other legal formalities will be completed as soon as possible, as the deal is mutually agreed upon.

SBI’s gross NPAs inflated to 10.69 percent of the total advances at the end of the first quarter ended June this fiscal year, as compared to 9.97 percent a year ago. In value terms, they rose to Rs 2,12,840 crore, from Rs 1,88,068 crore.

SBI reported a huge loss of Rs 4,876 crore for the June quarter accredited due to higher NPAs or bad loans.

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