The State Bank of India will auction non-performing assets (NPAs) amounting to Rs 6,169 crore in the next 10 days to recover its dues from various defaulting business outfits.
The country’s largest lender carries out auctions of financial assets of those defaulters who have not paid their dues. From March 22-30, the bank, which has already put out a list of the assets, will auction these to asset reconstruction companies (ARCs), banks, non-banking financial companies (NBFCs) and FIs.
The accumulated value of assets on sale is Rs 6,169 crore and the actual realisation will happen depending on the reserve price and bids from the buyers.
The assets include Jain Infraprojects Ltd, Kamachi Industries Ltd, Parenteral Drugs, which will go on sale on March 22. The total outstanding of this sale, which also includes a few minor properties, is Rs 1,300 crore.
On March 26, the bank has put on sale assets worth Rs 3,645 crore of some big accounts like the India Steel Corporation (Rs 929 crore) and Jai Balaji Industries (Rs 859 crore). There are other companies also on sale like Kohinoor Planet Construction (Rs 207.77 crore) and Mittal Corp (Rs 859.33 crore). The SBI will also auction assets worth Rs 1,748 crore of BMM Ispat Ltd.
On March 29, the bank will sell assets worth Rs 776 crore where Yashasvi Yarns, Sumita Tex Spin, Shekhawati Poly-yarn Ltd and Shakumbhari Straw NPAs stand at Rs 305 crore.
The NPA recovery mechanism has yielded results, with the SBI’s gross non-performing assets (GNPAs) declining by 18,099 crore to stand at 1,87,765 crore as on December-end 2018.
The GNPAs improved from 10.35 per cent of gross advances in December-end 2017 to 8.71 per cent in December-end 2018. Net NPAs improved from 5.61 per cent of gross advances in December-end 2017 to 3.85 per cent in December-end 2018.
US ditches Indian currency money from monitoring list of trading
Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.
India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.
Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.
In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”
Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.
US trumps Indian currency money from monitoring list of trading:
With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.
The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.
In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.
Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”
Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.