RBI deadline ends on finalising NPAs' resolution
Mumbai, Aug 27 : A major deadline in the process of resolving the country's most pressing corporate and banking problem of NPAs, or bad loans, is ending on Monday with the RBI having set a six-month time frame for finalising resolution plans for around 70 large stressed accounts worth over Rs 3.8 lakh crore.
In a circular on restructuring bad loans issued in February, the Reserve Bank of India (RBI) had asked banks to identify projects with even a day's default as stressed assets and conclude resolution proceedings in 180 days.
The RBI circular had directed banks to take loan accounts of Rs 2,000 crore and above, which remain unresolved for over 180 days starting from March 1, 2018, to the National Company Law Tribunal (NCLT) under the new Insolvency and Bankruptcy Code (IBC).
Domestic rating agency Icra has said in a recent report that these 70 large non-performing asset (NPA) accounts are mostly from the power, telecom and construction sectors.
According to banking sources, banks have been working overtime to finalise the resolution plans for these accounts so as to avoid going for bankruptcy proceedings in the NCLT.
The country's largest lender, State Bank of India (SBI), is looking at recovering more than Rs 40,000 crore of its stressed assets in the current fiscal, an official said on Saturday.
State-run State Bank Of India (SBI) Deputy Managing Director (Stressed Assets Resolution Group) Pallav Mohapatra said, the SBI expects to make a recovery of more than Rs 40,000 crore in the current financial year, mostly through the IBC, while a smaller percentage would be recovered from other sources like sale of assets and one time settlement.
Bankers are hoping that the RBI will take a lenient view and not refer all the NPA accounts to NCLT immediately after Monday's deadline expiry as the resolution process is already underway in some cases.
The power sector accounts for the major chunk of NPAs and according to RBI, the total outstanding loans of scheduled commercial banks to the sector, including renewable energy, stood at Rs 5.65 lakh crore as on March 2018.
A Parliamentary panel report has revealed that there are as many as 34 stressed electricity projects with a total capacity of over 40,000 MW.
Power producers had petitioned the government that RBI norms on resolving the NPAs issue were too rigid in view of the serious problems being faced by the industry in the way of coal shortage and the huge bill outstandings due from state distribution companies.
The Power Ministry had urged the RBI to extend the deadline by six months, but the central bank has rejected the extension request.
The Parliamentary Standing Committee on Energy in its report earlier this month noted that the new RBI guidelines on NPAs will only deepen the crisis of the electricity sector.
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Indian men's team clinches inaugural Kho Kho World Cup title after women's victory
New Delhi: The Indian men's team beat Nepal 54-36 in the final to win the inaugural Kho Kho World Cup title here on Sunday.
The Indian men's team title came after the women's side were also crowned the champions after defeating Nepal in the final.
The Men in Blue dominated the final against Nepal with captain Pratik Waikar and tournament standout Ramji Kashyap leading from the front.
Attacking first, an exceptional sky dive by Ramji Kashyap got Nepal's Suraj Pujara. Suyash Gargate then touched Bharat Sahu to give India a great start with 10 points in just four minutes.
Sky dives were the name of the game for the Men in Blue, and this ensured a bright start for the side in Turn 1, preventing the Dream Run for their opponents. At the end of the turn, the scoreline was 26-0 in favour of the Indians.
In Turn 2, Nepal were not able to match India's levels but did prevent the home side from going on a single Dream Run.
Aditya Ganpule and skipper Pratik Waikar carried the team through this turn, and despite regular touches from the likes of Janak Chand and Suraj Pujara, India carried a 26-18 lead into the second half of the clash.
India were in their stride in Turn 3, displaying unwavering confidence throughout. Captain Pratik Waikar shone on the mat with multiple sky dives, and with the support of Ramji Kashyap, another star of the tournament.
Aditya Ganpule was also at his finest, and the home team's collective effort took the score to 54-18 entering the final turn of the match -- and the tournament.
Nepal fought hard in Turn 4 in their bid to come back against India. But the defenders, once again led by Pratik Waikar and Sachin Bhargo proved too strong. Mehul and Suman Barman were equally impressive.
India showcased their dominance throughout the tournament, beginning with convincing victories over Brazil, Peru and Bhutan in the group stages. Their momentum continued through the knockout rounds, where they outclassed Bangladesh in the quarterfinals before overcoming a strong South African side in the semifinals.
MEN'S & WOMEN'S KHO KHO TEAM WON THE WORLD CUP
— SPORTS ARENA🇮🇳 (@SportsArena1234) January 19, 2025
Men's Kho Kho Team won the title defeating 🇳🇵 54-36.
Women's Kho Kho Team clinched the World Cup title defeating 🇳🇵 74-40. pic.twitter.com/9ruJ79IKJ6
