Allahabad Bank referred 65 accounts to NCLT for resolution under IBC

State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal. 

The bank said in its annual report that the it was focusing on recovery and rebalancing loan book with emphasis on small, micro, agriculture and retail advances. The number of wilful defaulters declared by the bank was 257. 

In the report, the bank said it would primarily focus on aggressive recovery drive, further build-up in CASA (current account and savings account), rebalancing of loan book with focus on small, micro, agriculture and retail loans. 

The Kolkata-headquartered lender would also look at different avenues to raise capital with simultaneous reduction in risk weighted assets. 

At the end of the 2017-18, gross NPA (non performing assets) of the bank stood at Rs 26,562 crore as compared to Rs 20,687 crore in 2016-17 and net NPA remained at Rs 12,229 crore as on March 31, 2018 as against Rs 13,433 crore in 2016-17. 

Last fiscal was a challenging year for the Indian banking industry due to continued stress faced in asset quality on account of various macroeconomic and other factors, the report said. #casansaar (Source - PTI, Economic Times)