SBI To Flog Eight NPAs In Bid To Mop Up Dues Worth Rs 3,900 Crore 

Eight Non-Performing Assets (NPA) are expected to go on the selling block as the State Bank of India looks to mop up dues worth more than Rs 3,900 crore. The bank has invited bids from Asset Reconstruction Companies (ARCs) and Financial Institutions (FIs) in respect of the NPAs going on sale.

The bank has called for the conduct of immediate due diligence by the interested ARCs and FIs subsequent to the submission of expressions of interest and execution of non-disclosure agreements. An e-bidding process is expected to be undertaken on 26 September. Among the eight accounts going up for sale, the maximum amount to the tune of Rs 1,320.37 crore is owed by Kolkata-based Rohit Ferro Tech.

SBI has in recent days been extremely proactive in getting rid of their stock of NPAs and the current bidding process comes on the heels of an earlier effort to clear Rs 2,490 crore worth of NPAs. This effort is especially noteworthy when viewed in the context of a rise in SBI’s gross NPAs to 10.69 per cent at the end of June 2018 in comparison to 9.97 per cent registered a year earlier.