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Canara Bank plans to sell ₹1,000 crore worth of non-performing assets (NPAs) by the end of this financial year.
“A few months ago, we had called for empanelment of financial advisers to provide services for the sale of NPAs. The response was good. Now after shortlisting them, we are working out a mechanism to sell a few of our NPA accounts,” RK Dubey, Chairman and Managing Director, Canara Bank, told Business Line .
“Sale will happen by March. From this exercise we hope to realise about ₹1,000 crore,” he added.
According to a senior bank official, financial advisers are assisting the bank in identifying the NPAs to be included in the sale portfolio, valuation of the portfolio, arriving at the reserve price and valuation of the underlying securities approved by valuers.
Gross NPAs of the bank, at the end of third quarter ending December 31, 2013, were ₹8,073.92 crore (against ₹6,090.08 crore in the same period last year).
The gross NPA ratio stood at 2.79 per cent compared with 2.77 last year. Net NPA was at ₹6,869.87 crore (₹5,134.40). The net NPA ratio stood at 2.39 per cent as against 2.35 per cent last year.
Social media Earlier, Dubey launched ‘Canara e-infobook’ a mobile app for Android and Windows platforms. The app was developed by the bank’s in-house IT department in just 10 days.
According to KSS Kamath, Chief General Manager, Canara Bank, “The app can be downloaded free from Google Play and Windows Store. The new initiative offers customer-friendly features, such as electronic passbook, balance enquiry, mail your banking statement to mail ID, branch locater, ATM locater, account summary, cheque status and product information.”
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