Country’s largest bank State Bank of India (SBI) will sell 12 NPA accounts to NPS ARCs to recover over Rs 820 crore.
SBI said in the notification that it has offered to sell these NPA (Non-Performing Assets) accounts to Asset Reconstruction Companies (ARCs) / Banks / NBFCs / Financial Institutions in accordance with the regulatory guidelines regarding sale of financial assets.
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What did SBI say?
SBI has put up for sale a total of 12 NPAs from this month till April 13 in various notices on its website. SBI said that the largest NPA account of these is of Rs 396.74 crore of Urja & Metals Ltd, which will be sold in the e-auction to be held on March 29, 2022 with a reserve price of Rs 85 crore.
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Auction of these accounts also
Apart from this, one account of Balasore Alloys will also be e-auctioned on March 29. This NPA account is of Rs 186.10 crore (reserve value of Rs 178.22 crore). The bank will conduct e-auction of six accounts for a total of Rs 112.05 crore on March 30. SBI will auction the remaining four NPA accounts on April 13, whose total outstanding is Rs 125.32 crore.