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PNB to recover Rs 20,000 crore from NPAs in first half of this fiscal, says report

PNB to recover Rs 20,000 crore from NPAs in first half of this fiscal, says report

PNB to recover Rs 20,000 crore from NPAs in first half of this fiscal, says report
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By CNBC-TV18 Jun 7, 2018 8:55:04 AM IST (Published)

Fraud-hit Punjab National Bank (PNB) is aiming to recover around Rs 20,000 crore from its non-performing assets (NPAs) in the first half of financial year 2019, reported The Economic Times.

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PNB has already recovered around Rs 5,600 crore in the first two months of the fiscal from its other loan accounts, the report said quoting a bank executive.
The bank has paid around Rs 6,586.11 crore to other banks to discharge its liabilities towards letter of undertakings (LoUs) and foreign letter of credits (FLCs) issued fraudulently, said the daily.
PNB’s move to set up a separate stressed asset vertical has fast-tracked the recovery process, according to the report.
The PNB fraud case, which is now amounting to $2 billion, was siphoned from the bank through issuance of LoUs to top jeweller Nirav Modi.
The bank said it has paid Rs 6,586.11 crore to other banks to discharge its liabilities towards letter of undertakings (LoUs) and foreign letter of credits (FLCs) issued fraudulently, added the report.
PNB posted a wider-than-expected loss of Rs 13,417 crore in Q4 as non-performing assets rose to 18.38% compared to 12.11% in the previous quarter.
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