Millennium Post
Business

SBI will sell Rs 3K crore bad loans by end of FY14

‘We will sell bad loans of around Rs 3,000 crore in the last quarter of the fiscal,’ company Chairman Arundhati Bhattacharya told reporters after inaugurating the e-lobby in the premises of State Bank of India’s main branch here.

‘We will sell the bad loans to the highest bidder among the 18 Asset Reconstruction Companies,’ she said while advocating right steps to control non-performing assets (NPA).

‘NPA koi gunah nahi hai (NPA is not any crime)... but needed to be identified...’, she said, adding that corrective measures would have to be initiated to control it.

Bhattacharya, the first woman chairman of the public sector bank, expressed confidence that non-performing assets would be under control once the economic scenario starts looking up. The NPA was obvious when there was a slowdown in economy and decrease in gross domestic product (GDP), she said, emphasising the need for reform measures to face the challenge.
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