The board of private lender Bandhan Bank has approved a proposal to transfer the housing finance NPAs to an asset reconstruction company.
Bandhan Bank announces the transfer of housing finance NPAs worth Rs 775.62 crore to an asset reconstruction company, with plans to sell the portfolio via the Swiss Challenge Method.
The board of private lender Bandhan Bank has approved a proposal to transfer the housing finance NPAs to an asset reconstruction company.
In a regulatory filing on Thursday, the bank said the housing finance NPAs will have days past due (DPD) of more than 180 days.
The outstanding amount that will be transferred to the company is Rs 775.62 crore as on September 30, 2023.
The lender had received a binding bid of Rs 280.39 crore for the NPA portfolio on outright cash consideration basis, it said.
It will go for bidding as per the Swiss Challenge Method, and the decision of the sale will be taken based on extant guidelines governing the bidding process and the relevant policy of the bank, the filing said.
Meanwhile, Bandhan Bank also said it has signed an MoU with the Assam government, securing the mandate to collect revenue on the accounting portal of the state called GRAS.
Under the agreement, consumers can pay all kinds of utility taxes of the Assam government as well as examination fees using the portal.