Three public Sector banks viz Punjab National Bank, Andhra Bank and United Bank of India have put Non-performing assets worth Rs. 4,441 crore on sale.
- PNB has put on sale 21 accounts amounting to Rs. 1320 crore
- Andhra Bank has put on sale 53 accounts amounting to Rs. 2549 crore
- United Bank of India has put on sale 30 accounts amounting to Rs. 572 crore
This is in view of the 15 days RBI dead line to resolve NPA issues coming to a closure.
We might recall RBI had through a circular date 12 Feb 2018 had instructured that NPA accounts in which Banks have an exposure of 2000 crore or more must be referred to the insolvency courts unless they are resolved by 27th August 2018. An additional 15 days time was given to the banks to move to the court. Further
- The reserve prices put out by PNB suggests that it is willing to take a haircut of upto 92% in atleast one account Birla Surya which is being offered only on a full cash basis. For other accounts the haircut could vary from 5% to 66%.
- Andhra Bank has not specified its reserve prices for its accounts in its bid document.
- Kolkata based United Bank of India has sought bid for its exposures to 30 accounts with a cumulative outstanding of Rs. 572 crore. However, the names of individual account and other details could not be ascertained immediately.