In what is said to be the first of its kind initiative, globally, Atishya Technologies Pvt Ltd said it is investing Rs 10 crore in a new portal, NPAsource.com, a platform for buyers and sellers, to manage and resolve non-performing assets (NPAs) in India and abroad.
The portal aims at benefiting lenders, borrowers, investors and facilitators (chartered accountants, etc) to evaluate entities before or after they turn into NPAs and is tying up with nationalised banks for sharing data for the purpose, Mr Devendra Jain, Chairman and Managing Director, said here.
About 5,000 NPA accounts, worth over Rs 5,000 crore, have already been put up on the portal and it has got 10,000-plus registrations. “In the last four months of operation, the portal has managed to get Rs 1,000 crore worth of NPAs on track for resolution. We plan to resolve Rs 20,000 crore worth of NPAs over the next two years,” he said.
Growing up
A team of 100 persons has been put in place and the company will have a presence in all the States in India and an offshore office in Dubai, to be opened by March.
The total NPAs in India, as of March 31, 2011, were worth more than Rs 90,000 crore according to the statistics released by the Reserve Bank of India (RBI), which does not include cooperative banks, SFCs, FIs and NBFCs, whereas the figure would run into trillions of dollars globally, Mr Jain said. “We also plan to tie-up with foreign investors globally, those who would be interested in acquiring impaired assets in India for themselves or their clients worldwide.”
Bridging the gap
NPAsource.com aims at bridging the gap between buyers and sellers of NPAs and has been designed to facilitate the best deals for their disposal by updating the details of available assets in the Indian market.
Mr Jain said about 3-4 per cent of total borrowings tend to convert into NPAs, with textile and steel sectors being main victims due to huge advances made to them.