UBI to sell bad loans worth Rs 300 crore

United Bank of India (UBI) is in talks with several asset reconstruction companies (ARCs) to sell bad loans worth Rs 200-300 crore by the end of the current financial year.

“We have identified some 70 accounts worth Rs 200 crore to Rs 300 crore for offloading to ARCs. We will float tenders and invite bids for these accounts,”  ED Deepak Narang said.

The bank was currently looking for the right kind of prices for these stressed assets. The bank is also emphasising on its recovery mechanism to bring down its gross NPAs to 3.25 per cent by the fiscal-end from 3.88 per cent during the second quarter of the current fiscal.

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