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State Bank of India (SBI) has initiated the process of selling its non performing assets (NPAs), worth Rs.1,580 crore to various financial institutions.
As per a report, 11 NPAs have been put up for sale through bidding process. SBI in the last two quarters of this financial year, has sold bad loans worth Rs.763 crore, to asset reconstruction companies (ARCs).
Further, only those assets are sold by banks where they are either able to get full cash or higher cash component, as they are required to provide more money in reserve, from this fiscal on sale of assets, where it gets more than 50% in security receipt.
