SBI Puts 11 NPA Accounts For Sale To Recover Rs 1,019 Crore
The State Bank of India has put up 11 non-performing assets for sale to asset reconstruction companies and financial companies to recover dues of nearly Rs 1,019 crore.
The country's largest lender said the e-auction of these NPA accounts will take place on Nov. 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 asset reconstruction companies/banks/non-banking finance companies/financial institutions," SBI said in an auction notice on its website.
Of these 11 accounts, Janki Corp Ltd. has the highest outstanding dues of Rs 592.53 crore.
The interested ARCs/banks/NBFCs/FIs can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure agreement with the bank, SBI said.
Once the deal is finalised, the assignment deed and other legal formalities will be completed in the shortest possible time as mutually agreed upon, it added.
SBI's gross NPAs rose to 10.69 percent of the total advances at the end of the first quarter ended June this fiscal year, as against 9.97 percent a year ago. In value terms, they increased to Rs 2,12,840 crore, from Rs 1,88,068 crore.