Bad Bank

Union Bank of India to sell 8 NAP accounts worth Rs 3,000 crore to NARCL

Union Bank of India on Friday said it has identified eight troubled accounts worth Rs 3,000 crore to be sold to the national bad bank NARCL this fiscal. The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries. The city-based bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent. We have sort of identified as many as 42 troubled accounts with an outstanding of Rs 10,000 crore to be sold to the National Asset Reconstruction Company (NARCL). Of these, we hope to sell at least eight of them to that central government-owned bad bank this fiscal, A Manimekhalai, the chief executive and managing director of the public sector lender, told reporters at the bank's post-earnings presser here. Union Bank was one of the first lenders to sell its NPAs to NARCL in the first lot of the bad bank's such transactions. The bank had recovered Rs 20,000 crore f

Sri Lanka default: A bad bank would help the nation fix its finances

Before injecting fresh funds, the govt needs to take non-performing debt related to tourism, real estate and other troubled industries off banks' books

NARCL gets Centre's blanket guarantee worth Rs 15,300 crore: Report

The banks will now be able to rely on government guarantees on the stop security receipts (SRs) issued by the NARCL during the liquidation proceedings

NARCL emerges as the top bidder for SREI twins with an NPV of Rs 5,555 cr

Submits highest net present value bid of Rs 5,555 cr; process may complete by early FY24

Jaypee Infra insolvency: Decks cleared for NARCL to buy first stress asset

Jaypee Infratech deal expected to close by early Nov

India's bad bank NARCL offers Rs 228 cr for Mittal Corp debt held by PSBs

The NARCL will have the right to match any counteroffers, as the lenders have put the debt on the block

Ministry of Finance reviews performance of PSBs, pushes for credit growth

The govt reportedly said that it was keen on National Asset Reconstruction Company of India Ltd (NARCL) starting its operation

NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

NARCL revises CEO Natarajan Sundar's salary to market rates: Report

In a bid to attract experienced talent, the National Asset Reconstruction Co Ltd (NARCL) has increased the total remuneration of its chief executive, Natarajan Sundar to Rs 1.7 crore

NARCL to start operation with Rs 50,000 cr stressed loan by Sep: PNB MD

In September last year, the government had announced a guarantee worth Rs 30,600 crore to security receipts issued by NARCL. The guarantee will be valid for five years

First set of NPAs likely to be transferred to bad bank next month: FinMin

NARCL is a special purpose asset reconstruction company for taking over the large value NPA accounts (above Rs 500 crore) from banks.

NARCL to make binding offers to lenders by March 31, say bankers

NARCL is a public sector entity and will have to follow a competitive bidding process for these assets using the Swiss Challenge method.

NARCL to help reduce banking stress, kick-start credit cycle: RBI article

The cross-country evidence suggests that if the logistical and financial challenges are carefully navigated, experiments of centralised bad bank can have more hits than misses: RBI article

Got all approvals to set up bad bank: SBI chairman

By current assessment, lenders have a total of 38 accounts involving aggregate loans of Rs 83,845 cr, which have been identified for transfer, says Dinesh Kumar Khara

'Bad bank' and development finance institution are Modi govt's bad legacies

Over years, the two institutions will become agents of uncertainty as the government tries to make them work to avoid adverse criticism.

Focus now on faster NPA resolution to ensure NARCL's success: Analysts

Analysts expect the 'bad bank' to improve the balance sheet of banks, and aid incremental cash flow. However, a delayed resolution may dent the asset's value over time

Sensex tanks 720 pts from day's high, ends 125 pts down; Nifty PSB drops 3%

On the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week

NARCL will have economies of scale with respect to bad asset aggregation

The long overdue facilitation via NARCL comes at a time when banks' appetite for credit needs to be supported, as the economy turns a corner

NARCL: Another brick in the wall; not too different from other ARCs

Having several routes for NPA resolution has both advantages and disadvantages as the decision will finally be taken by the banks

PSU Bank index up 4% ahead of FM press conference; SBI nears record high

A media report said the FM is expected to make announcements about a proposal to set up a bad bank