Properties worth Rs 2.3 crore seized in last three years

Properties worth Rs 2.3 crore seized in last three years
04/12/2019 , by , in News/Views

Over 1.7 lakh properties — with a market value of Rs 2.3 lakh crore — have been taken over or confiscated during the last three financial years under laws dealing with recovery of non-performing assets of public sector banks, the government told Parliament on Monday.

Between 2016-17 and 2018-19, the properties related to 1.45 lakh NPA accounts have been taken over through Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, Debts Recovery Tribunals and National Company Law Tribunal, among others, junior finance minister Anurag Thakur said in reply to a question in the Lok Sabha.

There are another 64,400 properties related to NPA accounts which haven’t been taken over due to a variety of factors, including the nature or quantum of loan or the nature of security or the judicial process, the minister added.

In recent years, banks have seen a spike in bad debt, which was estimated at Rs 9.4 lakh crore at the end of March, as the RBI forced lenders to recognise NPAs in their books, while the slowdown accentuated the problem.

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