Identifying, acting on NPAs aided recovery: Union Bank

"We managed to post a recovery by establishing a system to identify potential NPAs which has stabilised in accurately identifying NPAs. The recovery involved daily stock-taking of slippage and upgradation. So, I think the continuous effort by executives across all levels to reduce NPAs has yielded results," D Sarkar, chairman and managing director, Union Bank of India explained to CNBC-TV18 after the bank announced results.

On whether this level of slippage was expected or if he was providing guidance for the next couple of quarters, Sarkar said, "The situation of the economy is certainly very critical. Though the poor performance of the economy is not doing reflects on the quality of the assets, there are some factors that offer hope such as the reforms are already declared by the government and the comfort afforded by the cut in the CRR announced in the monetary policy."