Banks identify NPAs worth Rs 89,000 cr to be transferred to NARCL in initial phase

Banks identify NPAs worth Rs 89,000 cr to be transferred to NARCL in initial phaseJun 7, 2021, 10:12 PM IST

"The Indian Banks' Association (IBA) has asked lead banks to call for meetings and keep an approval ready so that as soon as the ARC is formed, they can start the process. I think the assessment in the first phase was of 22 accounts of about Rs 89,000 crore for the system," Rajkiran Rai G, who is the chairman of IBA, told reporters on Monday.

Reserve Bank of India imposes penalty on Bank of India, PNB totalling Rs six croreJun 7, 2021, 07:51 PM IST

The bank had also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019 pertaining to detection of fraud in an account.