SBI Chairman Dinesh Khara said 15 NPA accounts worth Rs 50,000 crore will be transferred to NARCL by the end of March

SBI Chairman Dinesh Khara said 15 NPA accounts worth Rs 50,000 crore will be transferred to NARCL by the end of March

“In the phase one, about 15 accounts aggregating to Rs 50,000 crore are expected to be transferred to the NARCL. We are trying to have these accounts transferred within this financial year after completing all the required processes,” Khara told reporters. He said while public sector banks have taken a majority stake in NARCL, IDRCL will be majorly owned by private sector banks. SBI, Union Bank of India and Indian Bank have picked up 13.27 per cent stake each in NARCL.

On Friday, State Bank of India Chairman Dinesh Khara stated that the National Asset Reconstruction Company (NARCL) or bad bank, as well as the India Debt Resolution Company Ltd (IDRCL), are ready to begin operations, with a total of 38 non-performing assets (NPAs) worth Rs 82,845 crore to be transferred to NARCL initially. According to Khara, the transfer of 38 accounts will take place in stages, with the first step involving the transfer of 15 accounts worth Rs 50,000 crore to NARCL in the current fiscal year.

Punjab National Bank has acquired close to 12 per cent stake in the bad bank. Explaining the arrangement, Khara said that NARCL will acquire and aggregate the identified NPA accounts from the banks, while IDRCL, under an exclusive arrangement, will handle the debt resolution process. This exclusive arrangement will be as per the scope defined in the debt management agreement being executed between the two entities, he said. The arrangement will be on principal-agent basis and final approval and ownership for the resolution will lie with the NARCL as the principal, he added.

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