Saddled with bad loans, PNB on Tuesday said it has reported to RBI 400 'wilful defaulters', and plans to sell Non Performing Assets worth up to Rs3,000 crore to ARCs in the current fiscal. “400 accounts are there (wilful defaulters) which we have reported to RBI so that it (list) can be updated on website of RBI,” Punjab National Bank Executive Director (with additional charge of MD and CEO) Gauri Shankar said here.
He also said the bank has identified corporate accounts and the work is underway for their strategic debt restructuring as per the Reserve Bank of India guidelines.
“let me tell you, 4-5 companies' accounts (stressed assets), we have already identified. Work is on for strategic debt restructuring, which we are going to do as per RBI guidelines,” he said.
“The fresh restructuring done during the first quarter is just Rs676 crore in 22 accounts,” he added. The sectors in which restructuring has taken place include power and steel. Shankar said PNB plans to sell NPAs worth Rs2,600-3,000 crore to Asset Reconstruction Companies (ARCs) in the current financial year, ending March 31, 2016.