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Union Bank expects to recover ₹15,000 crore from bad loans
August 02, 2022
Replying to a question on recovery guidance for the full year 2022-23, Managing Director and Chief Executive Officer A Manimekhalai said, “The recovery will be around ₹15,000 crores.”
Besides, the public sector lender is also likely to shift a few accounts under the newly incorporated debt resolution company NARCL.
A total of 44 bad loans have already been approved by the NCLT with a loan exposure of ₹4,842 crore. Additional 55 dud accounts cleared by the Committee of Creditors (CoCs) are awaiting approval from the tribunal.
The 55 NPA accounts to be approved by NCLT have a total exposure of ₹5,168 crores.
“So, almost around ₹10,000 crore which we should expect in this financial year, definitely it should come and (in) NARCL also, another three-four months, we are expecting some good number of accounts likely to be shifted,” the bank said in a transcript of the analysts call.
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