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Canara Bank’s total SMA 2 book was Rs 6,856 crore, of which Rs 5,000 crore pertain to two accounts—Rs 3,000 crore guaranteed by a state government for an irrigation project, and a rental discount real estate project in Bengaluru, Raju said.
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The government expects 18 percent recovery rate. The approval for Rs 30,000 crore in Security Receipts (SRs) is already taken from the Expenditure department of the Finance Ministry
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So far, NARCL has taken over approximately Rs 88,000 crore of banks’ stressed assets and is doing due diligence for another Rs 60,000 crore, Joshi said
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Joshi also said that the Union Finance Minister will review of NARCL soon.
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The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of NARCL for takeover of the twin Srei firms under Insolvency and Bankruptcy Code.
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The National Company Law Tribunal's Kolkata bench has approved National Asset Reconstruction Company Ltd's resolution plan.
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No recovery has been made in these accounts as of July 17, 2023, the ministry said. The NARCL was incorporated in July 2021 as a ‘bad bank’ to help dispose of the stressed assets of the commercial banks
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National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Government of India.
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NARCL (National Asset Reconstruction Company) won the bid to take over the two Srei group firms -- SIFL and Srei Equipment Finance Ltd (SEFL) -- through an insolvency process.
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NARCL's net present value bid, submitted in the 10-hour-long "challenge mechanism" conducted by the committee of creditors (CoC) on Tuesday, constitutes Rs 3,200 crore in cash, a Rs 1000-crore jump from the previous plans offered, he said.
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The bank has set a bad loan recovery target of Rs 2,000 crore and sees gross NPA and net NPA ratios falling below 9 percent and 2 percent in FY23, Swarup Kumar Saha has said
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Going forward, IDBI Bank is looking to explore avenues to achieve a business growth of 10-12 percent, the CEO said.
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The NARCL has created two lists – Phase 1 comprising 8 accounts with debt of Rs 16,744 and Phase 2 having 10 accounts with debt of Rs 18,177.
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The state-run lender wants to lower its gross NPA ratio to below 10 percent and net NPA ratio to less than 2 percent by March
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The government had announced its plan to privatise the bank in February 2021. The process was expected to be completed by March 2022
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Potential investors may not want to take on issues of a large pool of bad assets in state-run banks and pressure from bank unions
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With the unwinding of support measures, some of the restructured accounts might face solvency concerns, with an impact on banks’ balance sheets, the RBI said
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The bank's shareholding in NARCL will come to nine percent as on March 21, 2022.
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The Bad Bank will absorb bad assets from banks but proper execution and asset resolution will be key to make sure the project doesn’t meet the fate of some of the earlier initiatives.
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NARCL will acquire stressed assets of about Rs 2 lakh crore in a phased manner. The stressed assets will be acquired through a 15 percent upfront cash payment and 85 percent in the form of security receipts.
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This will help kickstart operations of the bad bank. "Happy to share #RBI has given License to #NARCL on 4.10.2021. The approval has been accorded under Section 3 of #SARFAESI Act 2002," Indian Banks' Association CEO tweeted.
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In today’s edition of Moneycontrol Pro Panorama: All-out war on NPAs, state of the economy, Weekly Tactical, the disinvestment clock, why Zomato should spill the beans, rate hike pot boils and more
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The answer to that depends on learning from global lessons in this respect. For instance, political will and consensus is one crucial ingredient for success
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India’s primary experience with asset reconstruction companies (ARCs) has not been great. Government guarantee, however, could be a game changer
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The price at which the asset transfer happens will be key. Banks will have to invest around Rs 5,000- Rs 6,000 crore in the NARCL which is approximately what they are likely to get back with the 15 percent upfront cash transfer during asset transfer. Rest will depend on a resolution within five years. That’s the trickiest part.
