Punjab National Bank has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel.
Bhopal-based Vandana Vidyut Steel owes Rs 454.02 crore, while Kolkata located Visa Steel has an outstanding balance of Rs 443.76 crore. The rest four NPAs - Temptation Foods, Helios Photovoltaic, Cabcom Cables, and Zoom Vallabh Steel - are Delhi based. The sale process is to be handled by the Stressed Assets Targeted Resolution Action (SASTRA) Division of the bank. The submission of financial bids will be only through e-auction method, which will take place on the portal of the bank, it said The scam-hit PNB has enhanced its recovery mechanism by forming the Stressed Asset Management Vertical (SAMV) and SASTRA. It is also looking to raise Rs 10,000 cr in 2019-20 from sale of non-core assets, among other things.