"In terms of the bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated," SBI said in the bid document posted on its website.
The bank's NPA accounts up for sale include Rohit Ferro Tech with the highest outstanding loan of Rs 13.20 billion, Indian Steel Corporation (Rs 9.28 billion), Jai Balaji Industries (Rs 8.59 billion), Mahalaxmi TMT (Rs 4.09 billion) and Impex Ferro Tech (Rs 2 billion).
The other defaulters' assets up for sale are Kohinoor Steel (Rs 1.10 billion), Modern India Concast (Rs 711.6 million) and Ballarpur Industries (Rs 471.7 million).
Of the gross NPAs worth Rs 10 trillion in the Indian banking system, those of the country's largest lender alone amount to over Rs 2 trillion at the end of June.
SBI reported a loss of Rs 48.76 billion for the first quarter ending June on account of provisioning for NPAs.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.