Union Minister of State (MoS) Finance Bhagwat Karad
Credit: PTI File Photo
New Delhi: A total of 10 Public Sector Banks (PSBs) have transferred Non-Performing Assets (NPAs) of over Rs 11,617 crore to the National Asset Reconstruction Company Ltd (NARCL) between January and November this year, the Finance Ministry said on Tuesday.
In a written reply to a question in the Rajya Sabha, Minister of State for Finance Bhagwat Karad said NARCL has recovered Rs 16.64 crore as on November 30, 2023.
Karad said recovery in NPA accounts is an ongoing process, and security receipts issued to lenders by NARCL, backed by government guarantee, provide a five-year time window for effecting the recovery in such accounts.
"Further, corporate insolvency resolution process under the Insolvency and Bankruptcy Code is going on in some of the accounts acquired by NARCL. Recovery will be effected in these accounts after the resolution plans get approved by the National Company Law Tribunal. In remaining accounts, NARCL has recovered Rs 16.64 crore, as on 30.11.2023," Karad detailed.
As per details of the debt assigned to the NARCL by these 10 PSBs, as on November 30, SBI has transferred the largest amount of Rs 4,508 crore, followed by PNB, and Canara Bank at Rs 2,138 crore and Rs 1,858 crore, respectively.
Union Bank of India has transferred Rs 1,831 crore to NARCL between January and November.
The other PSBs include Bank of Baroda, Bank of India, Bank of Maharashtra, Central Bank, Indian Bank, and Indian Overseas Bank. These 10 PSBs had aggregate gross NPAs of over Rs 3.65 lakh crore as of September 30, 2023, as per the data shared by Finance Ministry to the Rajya Sabha.