PNB’s wilful defaulters dues fall to Rs 15,354 cr

NEW DELHI, JUL 8 (Agencies) | Publish Date: 7/9/2018 12:48:52 AM IST
Dues from big wilful defaulters of Punjab National Bank fell 0.87 per cent to Rs 15,354.52 crore in June compared to the previous month.
According to PNB, data on big wilful defaulters is pertaining to those borrowers who took a loan of Rs 25 lakh and above from the public sector lender. Such borrowers had an outstanding loan of Rs 15,490 crore at the end of May 2018.
For the financial year ended March 2018, the bank’s balance sheet had big wilful defaults amounting to Rs 15,171.91 crore. PNB had posted a standalone net loss of Rs 12,282.82 crore in 2017-18 against a profit of Rs 1,324.80 crore in 2016-17.
The major defaulters include Kudos Chemie Ltd Rs 1301.82 crore, Kingfisher Airlines Rs 597.44 crore, Jas Infrastructure Rs 410.96 crore, VMC Systems Rs 296.08 crore, MBS Jewellers Rs 266.17 crore, Tulsi Extrusion Rs 175.41 crore and Arvind Remedies Rs 158.16 crore.
ICSA (India) Ltd Rs 134.76 crore, Bhawani Industries Rs 106.66 crore, Indu Projects Rs 102.83 crore, and BBF Industries Rs 101 crore were among other defaulters. These borrowers took loan from PNB as part of a consortium lending from various banks.
The defaulters, who took loan solely from PNB, were Winsome Diamonds and Jewellery Rs 899.70 crore, Forever Precious Jewellery & Diamonds Rs 747.97 crore, Zoom Developers - Rs 410.18 crore, Apple Industries Rs 248.34 crore, Mahua Media Pvt Ltd Rs 104.86 crore, and Shree Sidhbali Ispat Rs 165.98 crore.
Rupana Papers Rs 100.49 crore, Surya Vinayak Industries Rs 133.96 crore, Vishal Exports Overseas Rs 98.39 crore, Ramsarup Nirmaan Wires Rs 148.10 crore, Ramsarup Lohh Udyog Rs 129.34 crore, Rupana Papers Rs 100.49 crore and Rana Alloys Rs 78.90 crore were among others.
The banking sector, particularly state-owned lenders, is grappling with mounting non-performing assets (NPAs) or bad loans as also a host of scams and frauds. NPAs stood at Rs 8.31 lakh crore as of December 2017. The total bad loan write-off by public sector banks stood at over Rs 1.20 lakh crore last fiscal, with SBI bearing the burnt at Rs 40,196 crore, nearly 25 per cent of the total write-offs during 2017-18. This was followed by Canara Bank (Rs 8,310 crore), Punjab National Bank (Rs 7,407 crore) and Bank of Baroda (Rs 4,948 crore).
Scam-hit PNB, which has suffered a fraud of Rs 14,357 crore allegedly carried out by celebrity jewellery designer Nirav Modi and his associates, witnessed a sharp deterioration in its asset quality with gross loans mounting to 18.38 per cent of gross advances at the end of March 2018, against 12.53 per cent a year ago. Net NPAs also soared to 11.24 per cent against 7.81 per cent year ago.
In absolute terms, gross NPAs of PNB surged to Rs 86,620 crore in the fourth quarter of last fiscal compared with Rs 55,370 crore in the same quarter previous year. Similarly, net NPAs also rose to Rs 48,684.29 crore from Rs 32,702 crore at the end of March 2017.

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