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PSBs put up Rs 8,500 crore bad loans on block

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New Delhi: State-run banks are selling non-performing assets (NPAs) worth Rs 8,500 crore this month to asset reconstruction companies (ARCs), non-banking finance companies (NBFCs) and foreign investors. State Bank of India alone has put up bad loans worth Rs 4,000 crore up for sale as the pressure mounts on banks to recover long-pending dues from defaulting companies.
Bank officials have confided to FC that SBI has put Rs 3,947 crore of NPAs on sale, the largest chunk of which, Rs 1,320 crore, is from Rohit Ferro Tech. Besides, Indian Steel Corporation owes SBI Rs 929 crore, Jai Balaji Industries Rs 859 crore, Mahalaxmi TMT Rs 409 crore and Impex Ferro Rs 201 crore. These accounts would be auctioned on a 100 per cent cash basis and e-bidding for the same would be done on September 26.
SBI has also put about another Rs 400 crore of NPAs under the e-auction route for recoveries, including that of Yogindra Worsted.
These are separate from the high-value cases taken up under the Insolvency and Bankruptcy Code, where mostly consortium of banks are involved in recovering the dues.
SBI had sold NPAs of Bombay Rayon Fashions and Shivan Dhatu worth Rs 2,490 crore last month.
Three other public sector banks (PSBs), Punjab National Bank, Andhra Bank and United Bank of India have also put up for sale NPAs worth 3,500 crore. The scam-hit lender PNB has invited bids for an e-auction of 21 overdue accounts on September 20. These NPAs are spread across the bank’s zones in Mumbai, Chennai, Delhi, Patna and Chandigarh.
The PNB’s list of defaulters includes Moser Baer Solar, with an outstanding of Rs 233.06 crore; followed by Divine Alloys & Power Co (Rs 200.87 crore), Divine Vidyut (Rs 132.66 crore), Chincholi Sugar & Bio Industries (Rs 114.42 crore), Arshiya Northern FTWZ (Rs 96.70 crore), Birla Surya (Rs 73.58 crore), Shri Saikrupa Sugar & Allied Industries (Rs 63.35 crore), Raja Forgings & Gears (Rs 59.73 crore), Templeton Foods (Rs 53.17 crore), Paritran Medical College & Hospital (Rs 51.14 crore), Rathi Ispat (Rs 45.48 crore), James Hotel (Rs 33.50 crore) and Jain Overseas (Rs 33.41 crore).
Andhra Bank has put up Rs 2,549-crore debt from 53 entities on the block while United Bank of India listed 30 accounts having Rs 572-crore debt.
IDBI Bank, which has the largest gross NPAs at Rs 56,500 crore, has also put some smaller loans under the sale route,
The government has been insisting on a focused recovery drive by the banks by setting up special teams to deal with the issue.
The government expects state-run banks to recover Rs 1.5 lakh core of bad debt during the current financial year, twice the amount that lenders had managed to get last fiscal.
State-run banks have made a total recovery of Rs 36,551 crore in the first quarter of 2018-19.


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Business

US to eliminate Iran oil sanctions waiver for India, 7 others:Report

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Washington: The United States is expected to announce that all importers of Iranian oil will have to end their imports shortly or be subject to US sanctions, a source familiar with the situation told Reuters.

The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it had granted to some importers of Iranian oil late last year.

US President Donald Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and national security adviser John Bolton has been working the issue within the administration.

 

The US reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.

Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months

They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

But on Monday, Secretary of State Mike Pompeo will announce “that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate,” the Post’s columnist Josh Rogin said in his report, citing two State Department officials that he did not name
Frank Fannon, US Assistant Secretary of State for Energy Resources, repeated the administration’s position that “Our goal is to get to zero Iranian exports as quickly as possible.

“Other countries have been watching to see whether the United States would continue the waivers. Last Tuesday, Turkish presidential spokesman Ibrahim Kalin said that Turkey expects the United States to extend a waiver granted to Ankara to continue oil purchases from Iran without violating US sanctions.

Turkey did not support US sanctions policy on Iran and did not think it would yield the desired result, Kalin told reporters in Washington.

Washington has a campaign of ‘maximum economic pressure’ on Iran and through sanctions, it eventually aims to halt Iranian oil exports and thereby choke Tehran’s main source of revenue.

So far in April, Iranian exports were averaging below 1 million barrels per day (bpd), according to Refinitiv Eikon data and two other companies that track such exports and declined to be identified.

That is lower than at least 1.1 million bpd as estimated for March, and down from more than 2.5 million bpd before sanctions were reimposed last May. Brent crude futures , the international oil benchmark, were up nearly 2 per cent at USD 73.25 a barrel, on the report that the waivers were to end.

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Maruti drives in Baleno with BS VI compliant petrol engine

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New Delhi: The country’s largest carmaker Maruti Suzuki India (MSI) Said it has launched its premium hatchback Baleno with BS VI emission norms compliant petrol engine, priced between Rs 5.58 lakh and Rs 8.9 lakh (ex-showroom Delhi).

The auto major has also introduced two variants of the car with smart hybrid technology. The trim with 1.2 litre DUALJET, DUAL VVT petrol engine is priced at Rs 7.25 lakh, while the Zeta variant is tagged at Rs 7.86 lakh. As per the company, the models with smart hybrid technology would deliver a fuel efficiency of 23.87 km/litre.

“At Maruti Suzuki, we strive to bring newer, better and environment friendly technologies to our products. Baleno Smart Hybrid with BS VI stands testament to the same. We are confident that the premium hatchback Baleno will present a complete package in line with aspirations of evolving customers,” MSI Senior Executive Director Marketing & Sales R S Kalsi said in a statement.

 

The company said in order to achieve the stringent emission regulation requirement, it has upgraded both engine hardware and software along with exhaust system.”Baleno is country’s first premium hatchback to be offered with Smart Hybrid technology,” it added.

MSI has sold over 5.5 lakh Baleno units since its launch in 2015. It sold more than 2 lakh units of the hatchback in the last fiscal year.

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SpiceJet, Emirates sign MoU for code share partnership

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Mumbai: Budget carrier Spicejet announced signing of an initial pact for code share partnership with Gulf carrier Emirates.

The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement.

“I am delighted to announce that as part of SpiceJet’s international expansion strategy, we have signed a Memorandum of Understanding (MoU) for a code share agreement,” SpiceJet Chairman and Managing Director Ajay Singh said in the statement.

 

SpiceJet passengers from 51 domestic destinations will be able to access Emirates’ network across the US, Europe, Africa and Middle East, it added.

Code-sharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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