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The Bank of India, owned by the state, aims to recover about 17,000 crores of Rs from all sources for the current fiscal year ending in March 2019.
After a recovery in earnings net of 95 million rupees for the first quarter The head of the lender said that he had identified Rs 8,000 crore value of badets for sale to badet reconstruction companies.
Total recovery during the quarter from April to June was lower at Rs 2,699 crore against snoring Rs 11,417 crore in March Restoration will continue in the second quarter (July-September), at around 4 Rs 5,000 to 5,000 rupees … Restoration from all sources will be 17,000 crores in RY2019, "said Dinabandhu Mohapatra, MD and Chief Executive Officer. Bank of India
He stated that the goal of the bank is that the recovery and modernization should be more than landslides, so the net slippage is minimal.
Project Recovery & # 39; Sashakt & # 39;
from India also identified 7-8 accounts, with aggregate exposure Rs 2,000-3,000 crore, to move to the AMC project, considered for resolution by the panel led by Sunil Mehta under Sashakt project.
High Level Committee on Restructuring Highlights Assets and Creating More Value For public sector banks, headed by Sunil Mehta, Non-Executive Chairman of the National Bank of Punjab, it is recommended to establish an independent AMC for loans over 500 rupees.
"We have already discussed some accounts in the framework of the project … We will do it (moving accounts) before the end of August. Already, the preparation is launched …"
" But again, it depends (on the provision, quality of badets and valuations) of negotiations and discussions, "adds the head of the Bank of India. Rs 2,700 – 2,800 crores are considered to be resolved under the Single Settlement System (OTS) under the "Samadhaan Mission" for small accounts.
Mohapatra said: "We have good demand for OTS."
Slippages and NPAs
Delays in unproductive loans were also reduced to 6,671 crores during the quarter against 12 973 crores in the previous quarter.
In addition, the bank is "very optimistic about achieving about 500 crores of rupees in the second quarter (thanks to the monetization of the rupees). non-core badets) Let's see how it goes, although gross non-performing badets (NPAs) decreased from Rs 1,724 crore to Rs 60,604 crore at the end of June 2018, the gross NPA ratio increased to 16.66%. gross advances vs. 16.58% last quarter
Consolidation and Streamlining of Branches
Mohapatra said the bank is focusing on consolidation and profitability, thereby reducing badets at low return. branting its portfolio to inflate RAM – Retail, Agriculture and MSME (micro, small and medium enterprises).
In order to streamline its operations, it closed nearly 294 automated teller machines and will close 260 ATMs across the country.
Bank of India reduced its total number of ATMs to 7,423 from 7,717 a year ago, while the branch network remained stable at 5,127.
"We also identified 40 branches losses over three years. improved productivity. But we will take a last call by September, "said Mohapatra.
The bank also plans to close about 9 to 10 business units abroad over the next 6-7 months with two offices. already closed.
or two, Mohapatra hopes to continue the momentum to say that the NPA cycle is over.
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