NPAsource.com, a dedicated portal for the resolution of non-performing assets of banks and financial institutions in India and globally, has registered properties worth over Rs 13,000 crore in its first year of operations.
Currently, the portal has over 1,000 registered users, comprising banks, corporates, chartered accountancy firms, lawyers, tax consultants and real-estate brokers, amongst others. NPA properties from over 15 banks in India can be accessed on this portal which focuses on resolving and finding appropriate buyers at optimum rates for as many of these NPA properties as possible, Devendra Jain, Chairman and Managing Director, Atishya Technologies Pvt Ltd, a financial consultancy firm which set up the portal in 2011, said here on Wednesday.
Atishya Technologies has put in place a franchisee network which will soon span 20 major cities in India. The company has also set up operations in Dubai to get foreign banks post their NPA properties on the portal and get foreign corporates and other facilitators to register and look at investing in NPA properties in India.
Currently, NPAs in India amount to around Rs 1 lakh crore and are expected to go up further due to a slowdown in the economy and high interest rates.
The portal provides a one-stop solution to stakeholders such as lenders, borrowers, investors and facilitators to access data for faster resolution of NPAs, he said.
Jain said the portal also plans to begin its US operations by end-2012. It will open the first office in Europe by June 2013. In India, it plans to expand operations by setting up own offices in New Delhi and Bangalore, in addition to its existing ones in Mumbai and Ahmedabad.
ons by setting up own offices in New Delhi and Bangalore, in addition to its existing ones in Mumbai and Ahmedabad.