Regulatory nod for bad bank

Mumbai, January 28

The National Asset Reconstruction Company (NARCL) or bad bank has received all approvals to commence operations, and a total of 38 NPA accounts worth Rs 82,845 crore have been identified to be transferred to NARCL initially, SBI Chairman Dinesh Khara said on Friday.

The transfer of 38 stressed accounts will happen in a phased manner, with banks agreeing to transfer 15 NPA accounts worth Rs 50,000 crore in the first phase by March 2022, Khara said.

He said India Debt Resolution Company Ltd (IDRCL), which will manage the stressed assets and engage market professionals and turnaround experts, has also received all the requisite regulatory approvals. Finance Minister Nirmala Sitharaman in her Budget 2021-22 speech had announced that the government intends to set up a bad bank as part of the resolution of bad loans. — PTI

38 a/cs identified

SBI Chairman Dinesh Khara on Friday said the National Asset Reconstruction Company or bad bank will commence operations and 38 NPA accounts worth Rs82,845 crore will be transferred to it