14 banks struggle to recover Rs 3,635 cr from Mumbai firm
5 years, 3 months ago

14 banks struggle to recover Rs 3,635 cr from Mumbai firm

India TV News  

A consortium of 14 public sector banks, led by the Bank of India on Friday initiated the process to recover staggering loans totally worth Rs 3,635.25 crore from a Mumbai-based defaulter, Frost International Ltd. Banking circles describe this as a revelation of one of the biggest defaulters in recent months, comparable to the league of big-time debtors like absconding diamantaires Nirav Modi, Mehul Choksi and the Sterling Biotech Group. Of these, only two banks - BoI and BoB - have outstanding of a whopping Rs 606.17 crore and Rs 526.05 crore, respectively, from Frost International Ltd, an unlisted company. The lowest outstanding is shown for Andhra Bank, at Rs 47.85 crore, while the other banks are in the range of Rs 100 crore-Rs 390 crore. The bank consortium's latest action assumes significance in the wake of the proposed merger of various nationalized banks in which two banks - BoI and BoB - will continue as independent entities.

Mumbai Office Bank Crore Banks Frost International Ltd  office  rs  struggle  cr  offices  boi  bank  international  firm  banks  india  mumbai  14  crore  recover  consortium  3635

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Banks write off ₹10.57 lakh crore in 5 years, make NPA recovery worth ₹7.17 lakh cr: FinMin
1 year, 1 month ago

Banks write off ₹10.57 lakh crore in 5 years, make NPA recovery worth ₹7.17 lakh cr: FinMin

The Hindu  

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PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
5 years, 1 month ago

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money

Firstpost  

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RBI deadline for resolution of ₹ 3.8 trillion in NPAs ends today
6 years, 4 months ago

RBI deadline for resolution of ₹ 3.8 trillion in NPAs ends today

Live Mint  

New Delhi: With the deadline set up by Reserve Bank of India for resolution of stressed assets worth around ₹ 3.8 trillion coming to an end today, all eyes are on the expected Allahabad high court judgement on a clutch of petitions against the central bank’s 12 February circular. The Allahabad High Court had earlier ordered lenders to avoid acting …

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