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Public sector banks have settled about 30% of their NPA (non-performing assets) cases for which they issued notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act 2002.
A total of 33,736 notices under the Sarfaesi Act were issued by 20 nationalised banks and the subsidiaries of SBI for recovery of Rs 12,147 crore after the enactment of the Act. These banks together have settled 9,946 cases, according to data compiled by CMIE.
Though the percentage of dispute cases settled till June ‘03 amount to 29.5%, in terms of value it amounts to a paltry Rs 499 crore only, accounting for just 4.1% of the total outstanding amount for which notices were issued.
State Bank of India and its subsidiaries together have recovered Rs 83 crore out of Rs 4,771 crore loan outstanding for which they had issued notices till June ‘03. Similarly, Punjab National Bank and Canara Bank, which had sent 3,015 and 1,011 notices respectively for recovery of loans amounting to Rs 711 crore and Rs 350 crore, have recovered Rs 39.3 crore and Rs 34.5 crore respectively till June ‘03.
While banks succeeded in getting their smaller clients to pay up on the strength of the new Act, a good number of companies with large amounts in outstanding against them continue to defy the banks’ notices. With the recent ruling by Supreme Court (upholding the Act), banks are now confident of a faster recovery of dues.
....South and Southeast Asian Corporate Report Card
....IMF's "Global Financial Stability Report"
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