SBI to sell 3 bad loan accounts to recover Rs 2,111 crore dues

SBI to sell 3 bad loan accounts to recover Rs 2,111 crore dues
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New Delhi: The country’s largest lender SBI has put up for sale three of its non-performing loan accounts to recover dues of Rs2,110.71 crore. An e-auction will take place on 13 December for the sale of these three accounts 0151 Sona Alloys Pvt Ltd, MCL Global Steel Pvt Ltd and Jayaswal Neco Industries.
“In terms of the bank’s policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to banks/ARCs/NBFCs/ FIs etc, on the terms and conditions indicated there against,” SBI said in the auction notice on its website.
SBI said the interested banks/asset reconstruction companies (ARCs)/non-banking financial companies (NBFCs) or financial institutions (FIs) can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure agreement with the bank.
Once the deal is finalised, the assignment deed and other legal formalities will be completed in the shortest possible time as mutually agreed upon, SBI added.
Earlier on November 22, SBI held e-auction of 11 NPA accounts that had outstanding dues of Rs1,019 crore towards the bank.
The gross non-performing assets (NPA) of the bank rose to 9.95 per cent of the gross advances as on 30 September 2018 from 9.83% a year ago.
Net NPAs stood at 4.84% of the net advances, down from 4.53%.
The bank had posted a 69% decline in consolidated net profit to Rs576.46 crore for the second quarter of this fiscal.
It had logged a net profit was Rs1,840.43 crore in the corresponding July-September quarter of 2017-18. —PTI