The Bandhan Bank board chooses to award ARC the Rs 776 crore non-performing asset
The bank's home financing portfolio had outstanding non-performing assets (NPAs) as of September 30, 2023.
The board of directors of Bandhan Bank decided on December 21 to give away non-performing assets, or bad loans, to an asset regeneration company (ARC), valued at Rs 776 crore, corresponding to the bank's filings with stock markets. The loans to ARC that are over due by more than 180 days are being moved over.
The bank's home financing portfolio had outstanding non-performing assets (NPAs) as of September 30, 2023.
The company claims that the lender has received binding offers totaling Rs 280.39 crore, or 36.15 percent of the overall pool for the previously discussed non-performing asset portfolio, based a lump sum cash consideration basis.
In an exchange filing, the lender said, "The bank intends to bid using the Swiss Challenge methodology, since the sale decision will be made in accordance with the current guidelines that define the Swiss Challenge methodology and the applicable bank policy."
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