Lenders now hope to transfer ₹50,000 crore of bad loans to the National Asset Reconstruction (NARCL) by the end of April, said Rajkiran Rai G of Union Bank, also a former chairman of the Indian Banks’ Association (IBA). He expects the first transaction to happen in another week.
India's 'bad bank' or the National Asset Reconstruction Co. has gone live, with final approvals in place and banks agreeing to transfer 28 non-performing accounts worth Rs 83,000 crore to it.