Allahabad Bank to recover its Bad Loans

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Allahabad Bank to recover its Bad Loans

The state-run Allahabad Bank aims to repay about 2,000 thousand bad loans per quarter during the current financial year to reduce its high level of inefficiency.

The lender’s non-performing assets (NPAs) accounted for 28,704.78 crores at the end of the fourth quarter of the previous financial year, with the NPA as a percentage of total loans at 17.55% over the same period. The bank withdrew from the Reserve Bank of India (RBI) in February.

In the annual report of the 2018-19 financial year, the bank stated that to effectively and timely monitor NPA accounts there was a rating of 1 crore and above, the concept of SAMV (Stressed) Asset Management Vertical) was introduced at the national and regional level with dedicated management.

In March’s quarterly financial position, new slips stood at 819,40 crore, with agriculture and MSME contributing 31.44% and 28.03%, respectively. This includes the loans of Allahabad Bank Gold Loan borrowed by rural people.

The bank launched the ‘One One Reach One’ campaign in November last year, urging all its employees through site managers and field managers to take part in trying to recover from NPAs, write-offs, and SMA (Special Mention Accounts) accounts. -up-gradation / closing and tying slippage.

In a plan to raise money with the money, Rao said the bank would need to raise money for the increase during the year and get the board’s approval to raise the equivalent of up to `4,000 crores in various ways. CRAR for lenders on March 31, 2019, was 12.51%, while CET1 was 9.65% and AT1 was 0.03% and Tier-II CRAR was 2.83%

The bank was looking forward to seeking the approval of its shareholders for raising equity capital through the QIP/FPO/Rights issue among others.

In today’s time where so many lenders have come up with their exciting deals with the offering of Gold Loans, it has become difficult for the borrowers to decide and select one single lender that suits their needs and situations the best.

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