Union Bank expects to recover Rs 15,000 crore from bad loans this fiscal

Union Bank of India hopes to recover 15,000 crore hospitals from a bad loan account during the current fiscal year, and most of these will come from accounts that undergo a bankruptcy resolution process.

He hopes to make a recovery worth RS 10,000 Crore from an account under the National Company Law Tribunal (NCLT) for a bad loan resolution in 2022-23, the Bank said during the posting post in June 2022-23 the announcement of quarter income last week.

Replying questions about the recovery guide for 2022-23 full years, the Director of Implementing and Chief Executive Officer of Manimekhalai said, “Recovery will be around RS 15,000 Crore.”

In addition, public sector lenders also tend to change several accounts under the new debt resolution company NarCL.

A total of 44 bad loans have been approved by NCLT with a loan of 4,842 CRORE RS loans. An additional 55 accounts cannot be cleaned by the Creditor Committee (COC) are waiting for the court’s approval.

NPA 55 account that will be approved by NCLT has a total exposure of RS 5,168 Crore. NPA 55 account that will be approved by NCLT has a total exposure of RS 5,168 Crore.

“So, almost around RS 10,000 Crore that we must expect in this financial year, surely it must come … and (in) NarCL as well, three or four months, we expect a number of accounts that are likely to be shifted,” the bank said In an analyst call transcript.

National Asset Reconstruction Company Limited (NARCL) is an asset reconstruction company formed by various banks last year to collect and consolidate assets emphasized for resolution.

During the first quarter that ended in this fiscal June, the bank only received RS 122 Crore from the NCLT resolution. The rest of the recovery is through traditional fashion such as property sales, one -time resolution resolution and the Debt Recovery Court (DRT).

The rest of the recovery is through traditional fashion such as property sales, one -time resolution resolution and the Debt Recovery Court (DRT). That made the recovery worth RS 1,481 Crore during the quarter and account worth RS 1,212 Crore was increased.

While the bank expects slipping as far as RS 13,000 Crore in FY23. In the first quarter of FY23, a loan of writing a bad loan around RS 4,000-4,500 Crore to the company’s loan, 1,400 CRORE RS to MSME loans and RS 200 Crore to retail loans.

Fresh slippage during the April-June quarter is worth 3,714 crore. Union Bank recorded a 32 percent growth in its net profit at 1,558 Crore Hospital in the quarter ended June 2022.

Comments

What should you know about Redeeming Mutual Funds?

The world of mutual funds is really tricky if you are not focused. It is not rocket science but you have to be dedicated so as to make the most of your investments. Whether to invest in ELSS, SIP or other schemes; the choices is always yours. It is always better to go through the option before you make the decision. If you are thinking How to redeem mutual funds online then the good news is that the process is quite easy. And on the basis of the kind of mutual fund you hold, money can get credited to your bank account in a maximum of four to five working days after you submit a redemption request to that specific fund house. How can an investor redeem mutual fund units? A unit of a mutual fund can get redeemed on any business day. In the physical mode, investors might require to fill in the requisite transaction slip and it can be download from the fund house website or that of detach from the bottom of your account statement. The redemption application could get submitted

Invest your money to get good returns

Money is everything which one needs to enjoy life. In everyone’s life, money can never be sufficient at any stage. Therefore every individual wants to save money and to invest that saved money to get high returns. Investing money on the right platform is not easy with an increase in companies of investment. There are many duplicate companies present in the market which promises to give high returns, and after investment, they cheat on you. One needs to check the company profile before investing the money. Every investor looks for an option where he gets high returns on low risk or moderate risk. Each shareholder also wants that the company where he is going to invest, is flexible and transparent. Thus the company which satisfy all these points is only mutual fund. Mutual fund: A mutual fund is an investment company with a very reputed name in the share market. A mutual fund is known for its transparency, flexibility, returns and for interesting offers. There is a number of invest

SEBI restrains Poonawalla Fincorp MD, 7 others

The Securities and Exchange Board of India (SEBI) has barred Abhay Bhutada, director of Poonawalla Finance, and 7 others from accessing the stock exchange after alleged trading . In a 46-page interim order, SEBI said the eight entities had made total wrongful gains of Rs 13.58 crore through trading in shares of Magma Fincorp (now Poonawalla Fincorp) round the time it had been acquired by Rising Sun Holdings (RSHPL). All the Entities, viz: Entity nos. 1 to eight are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders,” the market regulator said witin the interim ex-parte order. RSHPL had earlier this year acquired a controlling stake within the NBFC through an equity infusion of Rs 3,456 crore. Bhutada was director and CEO of Poonawalla Finance, a subsidiary of RSHPL. Bhutada allegedly passed on unpublished price sensitive information (UPSI) to some connected entities, consistent with SEBI’s interim order

Themoneygrowth

Search This Blog