State-owned Punjab National Bank has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel.<\/p>\n\n\n\n
Asset reconstruction companies , non-banking financial companies, other banks and financial institutions can submit binding bids till June 26. The bids will be opened on the following day.Bhopal-based Vandana Vidyut Steel owes Rs 454.02 crore, while Kolkata located Visa Steel has an outstanding balance of Rs 443.76 crore.<\/p>\n\n\n\n
The rest four NPAs Temptation Foods, Helios Photovoltaic, Cabcom Cables, and Zoom Vallabh Steel are Delhi based.<\/p>\n\n\n\n
The sale process is to be handled by the Stressed Assets Targeted Resolution Action Division of the bank. The submission of financial bids will be only through e-auction method, which will take place on the portal of the bank, it said.<\/p>\n\n\n\n
Punjab National Bank , which was hit by a massive Rs 14,000-crore scam allegedly perpetrated by jeweller duo Nirav Modi and Mehul Choksi, has enhanced its recovery mechanism by forming the Stressed Asset Management Vertical and SASTRA.<\/p>\n\n\n\n
It is also looking to raise Rs 10,000 crore in 2019-20 from sale of non-core assets, rights issue and expected write-backs from two large accounts undergoing insolvency proceedings.<\/p>\n\n\n\n
For the full fiscal 2018-19, the bank’s consolidated net loss was at Rs 9,570.11 crore, as against a loss of Rs 12,113.36 crore during 2017-18.<\/p>\n\n\n\n
Its income during the fiscal ended March 2019 rose to Rs 59,514.53 crore compared to Rs 57,608.19 crore in preceding year.<\/p>\n","protected":false},"excerpt":{"rendered":"
State-owned Punjab National Bank has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel. Asset reconstruction companies , non-banking financial companies, other banks and financial institutions can submit binding bids till June 26. The bids will be opened on the following day.Bhopal-based Vandana […]<\/p>\n","protected":false},"author":1,"featured_media":63884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-63883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/63883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=63883"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/63883\/revisions"}],"predecessor-version":[{"id":63885,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/63883\/revisions\/63885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/63884"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=63883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=63883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=63883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}