22 Loan Accounts Have Bad Loans Worth Rs 89000; Will be Transferred to Bad Bank – Investing.com India
- Date: 09-Jun-2021
- Source: Investing.com
- Sector:Financial Services
- Country:Gulf
22 Loan Accounts Have Bad Loans Worth Rs 89000; Will be Transferred to Bad Bank – Investing.com India
By Aditya Raghunath
Investing.com -- Indian Banks Association (IBA) Chairman Rajkiran Rai has said that Indian banks have identified a total of 22 accounts with a total outstanding of Rs 89,000 crore that will be transferred to the proposed bad bank or NARC.
NARCL stands for National Asset Reconstruction Company and was announced in the Union Budget for FY22 to take over a large part of the non-performing assets (NPAs) in the Indian banking system. It is expected to be funded by public sector banks (PSBs). It is estimated that 8% of their PSBs' loan books are gross NPAs.
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