Banks have completed the transfer of ₹9,234 crore of Jaypee Infratech loan to the National Asset Reconstruction Company (NARCL), marking the first acquisition for the government-backed bad-loan aggregator a year after the company started operations.
IDBI Bank CEO Rakesh Sharma confirmed the transfer without naming the account. IDBI Bank is the lead lender in the account with dues of ₹3,750 crore. Sharma said the transfer to NARCL will reduce the bank’s gross non-performing assets by 2.2 percentage points.
Source:
Economic Times
