UTI has largest suit-filed NPA

Unit Trust of India (UTI) has the single largest suit-filed non-performing asset among financial institutions at Rs 106 crore of Autoriders Finance Ltd in the third quarter of 2002-03, according to the latest data published by the Reserve Bank of India (RBI).

Nevertheless, banks saw an improvement in the number of fresh suits filed against the previous quarter. But the number of cases settled or NPAs written off, however, witnessed an opposite trend. Banks added as many 163 new suits during the period, while it managed to settle only 36 accounts.

This is, however, an improvement over the previous quarter when banks reported 405 new suits. The number of cases settled or write-offs was also comparatively larger at 103. The first quarter of the previous year also witnessed a relatively large number of fresh suits filed cases at 324, while the sector managed to settle a small five cases.

Meanwhile, State Bank of the India was the second with the Daewoo Motors account at Rs 97 crore in the third quarter, against which it filed a suit only towards the later part of the last year.

The largest number of new suit filed accounts in the quarter was reported by Industrial Development Bank of India at 29, while it managed to settle only one account in the same period.

State Bank of India, which was close behind with 25 fresh NPA accounts, managed to settle only one account. At IDBI, the single largest suit filed account was Rs 17 crore, while majority of them were below Rs 10 crore.

The largest number of accounts settled were at State bank of Patiala at six, followed by Indian Overseas Bank and Indian Bank which managed to settle four accounts each.