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CanBank tops NPA recovery list
July 23, 2003 17:12 IST
Canara Bank topped the list recovering Rs 638.41 crore (Rs 6.38 billion) from non-performing assets of the total Rs 4,420 crore (Rs 44.2 billion) recovered by 19 nationalised banks by taking advantage of securitisation laws in the last fiscal.
Canara Bank was followed by Punjab National Bank, Bank of India, Dena Bank and Bank of Baroda who recovered more than Rs 400 crore (Rs 4 billion) from sticky assets, official sources said.
PNB recovered Rs 477 crore (Rs 4.77 billion) NPAs through various austerity drive while BoI mopped up Rs 463 crore (Rs 4.63 billion), Dena Bank (Rs 453 crore) and BoB (Rs 440 crore).
Indian Overseas Bank could recover Rs 352 crore (Rs 3.52 billion) from NPA accounts while Union Bank of India mopped up Rs 326 crore (Rs 3.26 billion), Central Bank of India Rs 318 crore (Rs 3.18 billion) and Oriental Bank of Commerce Rs 293 crore (Rs 2.93 billion).
Indian Bank and Allahabad Bank could recover over Rs 200 crore (Rs 2 billion) each from NPA accounts.
The recovery was least for Andhra Bank and Corporation Bank as their NPAs were lowest in the banking industry.
As a result of the recovery, the gross NPAs of the 19 banks came down by Rs 1,117 crore (Rs 11.17 billion) to Rs 35,646 crore (Rs 356.46 billion) in the last fiscal. The Gross NPA of these banks were at Rs 36,763 crore (Rs 367.63 billion) at the end of 2001-02.
Although the PSU banks were able to recover a significant amount by arm-twisting willful defaulters, they had to write-off Rs 2,929.37 crore (Rs 29.29 billion) in the last fiscal.
Dena Bank topped the list in providing Rs 637.87 crore (Rs 6.38 billion) for bad loans followed by BoI (Rs 536 crore), BoB (Rs 457 crore), Central Bank of India (Rs 418 crore) and Union Bank (Rs 378 crore), the sources said.
Union Bank of India wrote-off bad loans worth Rs 378 crore (Rs 3.78 billion) while Allahabad Bank made provisions worth Rs 208 crore (Rs 2.08 billion).Other major banks that had to write-off huge amounts include PNB (Rs 158 crore), Uco Bank (133 crore), Indian Overseas Bank (Rs 126 crore) and Canara Bank (Rs 112 crore).