SBI, UCO Bank Look For Buyers To Clear-Off Rs 1,245 Crore NPAs
UCO Bank has identified about 13 NPA accounts with outstanding balance of Rs 457.98 crore.
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State owned lenders State Bank of India and UCO Bank are looking for buyers to sell non-performing assets worth Rs 1,245 crore and have invited bids from asset reconstruction companies, banks, NBFCs and financial institutions to clean their books of such dud assets.
“In terms of bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place Zenith Birla (India) Ltd and Sona Alloys Pvt Ltd for sale to ARCs/banks /NBFCs/FIs,” SBI said in the bid document.
Sona Alloys has an outstanding of Rs 647.64 crore towards SBI, while Zenith Birla has Rs 139.36 crore.
It has asked the interested parties to place their expression on March 12 and the process of e-bidding will take place on March 23.
UCO Bank, based out of Kolkata, said it has identified about 13 NPA accounts with outstanding balance of Rs 457.98 crore and has invited expression of interest from ARCs, banks, financial institutions, non-banking financial companies (NBFCs) for the proposed sale of its NPAs by March 13.
Last week too, the country’s largest lender SBI along with United Bank of India and long-term infrastructure lender IFCI have put up on sale a number of NPA accounts to recover Rs 16,349 crore loans given to various companies.
The gross NPAs of all the banks in the country amounted to Rs 8.41 lakh crore at end-December, bulk of which is in the books of public sector banks.
Thus, the PSBs have in the recent past expedited their loan recovery process, specifically against those loans that have turned bad.