Business Standard

Sunday, December 29, 2024 | 02:17 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Future Retail NPAs: Indian Bank to take Rs 800-crore hit in fourth quarter

Earlier, a consortium of 27 banks had indicated they would have to make combined provisions of around Rs 9,000 crore due to non-payment by the retailer.

future retail, future group, big bazaar, bazar
Premium

Major slippage came in the MSME (micro, small, and medium enterprises) segment, which accounted for around Rs 896 crore, a part of which was from the restructured book

Shine Jacob Chennai
With the Swiss challenge mode of auction being put forward as a possible solution to the battle over Future Ret­ail between Reliance In­du­stries and Amazon, the classification of loans to the cou­ntry’s second-largest re­ta­iler as non-performing ass­ets (NPAs) is likely to have a larger dent in several banks’ books during the fourth quarter.

According to sources, Chennai-based Indian Bank is likely to have an impact of around Rs 800 crore during the current quarter due to NPAs on account of Future Retail.

Earlier, a consortium of 27 banks had indicated they would have to make combined provisions of around Rs 9,000 crore

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in