PNB plans to sell NPAs to ARCs

The aim is to sell NPAs worth INR 1,000-1,500 crore in the third and fourth quarters of FY16, PNB ED Gauri Shankar told the newspaper on the sidelines of the State Level Bankers’ Committee Meeting in Chandigarh on Wednesday.

Punjab National Bank (PNB) wants to sell non-performing assets (NPA) to the asset reconstruction companies (ARCs), reports a business daily.

The aim is to sell NPAs worth INR 1,000-1,500 crore in the third and fourth quarters of FY16, PNB ED Gauri Shankar told the newspaper on the sidelines of the State Level Bankers’ Committee Meeting in Chandigarh on Wednesday.

PNB's gross NPAs stood at 6.74 per cent while the net NPAs stood at 4.06 per cent in the April-June quarter. 

The public sector bank is scheduled to announce its financial results for the July-September quarter on Friday.

The slippages were inevitable, as a large part had been raised by infrastructure companies and their projects have a long gestation period, according to Shankar.