SBI looks at over Rs 40,000 crore recovery in FY19

| | Kolkata
SBI looks at over Rs 40,000 crore recovery in FY19
The country's largest lender, State Bank of India (SBI), is looking at recovering more than Rs 40,000 crore of its stressed assets in the current fiscal, an official said on Saturday.
"Our expectation is that we will be making a recovery of more than Rs 40,000 crore in the current financial year. We expect to get around Rs 25,000-30,000 crore from IBC (Insolvency and Bankruptcy Code) route and the balance would be recovered from other sources like sale to ARCs and one time settlement," lender's Deputy Managing Director (Stressed Assets Resolution Group) Pallav Mohapatra said.
Under IBC the lender's exposure in the first list of stressed accounts as referred by Reserve Bank of India was Rs 48,000 crore and for the second list, the exposure was to the tune of Rs 28,000 crore, he said.
"In total, our exposure for the stressed accounts which were referred to IBC as per RBI direction was Rs 76,000 crore," he said.
So far, only two cases have been resolved, he said.
"In case of Bhushan Steel, we have got Rs 8,500 crore with a 30 per cent haircut and our claim was around Rs 11, 500 crore. For the other case, the money has been deposited to escrow account. Once the court gives the clearance, it will be adjusted," Mohapatra said.
He further said the proceed from the Bhushan Steel case, would go in the write-off of provisions and reduction of non performing assets. 
When asked if it was a concern for the lender when liquidation were happening more in the corporate insolvency resolution process, he said, since the lender made provisions, on the balance sheet front, it does "not have much of worry on that".
"We are expecting more recovery but it is not to that extent," he added. 
The lender proactively filed around 250 cases in National Company Law Tribunals and the total exposure would be around Rs 95,000 crore, he added.


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