State Bank of India Chairman Dinesh Khara stated that the National Asset Reconstruction Company (NARCL) or bad bank and India Debt Resolution Company Ltd (IDRCL) are ready to commence operations and a total of 38 NPA accounts worth Rs. 82,845 crore have been identified to be transferred to NARCL initially.
Khara added that the transfer of 38 accounts will happen in a phased manner, and in the phase one 15 accounts worth Rs 50,000 crore will be transferred to NARCL in the current financial year.
''In the phase one, about 15 accounts aggregating to Rs 50,000 crore are expected to be transferred to the NARCL,'' said Khara.
SBI, Union Bank of India and Indian Bank have picked up 13.27 per cent stake each in NARCL. Punjab National Bank has acquired close to 12 per cent stake in the bad bank.
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(With inputs from PTI)
