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