Indian banks start using NPAsource.com to resolve NPA properties

Indian banks have started posting their non-performing assets (NPAs) details on NPAsource.com, a dedicated portal for the resolution of NPAs of banks and financial institutions. Public sector banks like State Bank of India, Bank of India, IDBI Bank, Indian Overseas Bank and financial institution Nabard have started posting their NPA recovery notices on the portal.

NPAsource.com's owner company, Atishya Group, has opened an office in Dubai a month back and it is in talks with a few Gulf-based banks too for utilising the portal's various services to resolve their NPAs as well as get their corporate clients to consider buying NPA properties in India. With more banks joining the league and sharing more details on their NPAs, the portal expects that banks will get better value for their NPA resolutions.

Speaking on the strong support that NPAsource.com is getting from banks in India, Mr. Devendra Jain, Chairman of the Atishya Group said, "We have been meeting all senior bank officials associated with NPA recoveries and creating awareness amongst them about the benefits that would accrue to them if they were to utilise NPAsource.com as another alternative to resolve NPAs. We have made our first breakthrough by getting banks like SBI, BoI, IDBI Bank, IOB and Nabard to start posting their NPA recovery notices on NPAsource.com. In the coming months we hope to see more action on the portal as deals been buyers and banks begin to take place on a regular basis."

"Our aim is to make NPAsource.com the one-stop solution where all stakeholders such as lenders, borrowers, investors and facilitators, can access data on a single platform for faster resolution of NPAs and thereby jointly try to reduce the overall level of NPAs in India initially and later globally," added Mr. Jain.

The Gujarat Urban Co-operative Banks Federation (GUCBF), the apex cooperative body for the 244 urban cooperative banks in the state, has recommended all its member banks to utilise the facilities offered by NPAsource.com so as to resolve all their non-performing assets related problems.

The company has plans to open branches in New Delhi and Bangalore as well as in the USA and Europe during the next one year. It is in the process of appointing franchisees across 30 major cities of India. The portal currently has 1000 plus registered users, comprising of banks, corporates, CA firms, lawyers, tax consultants and real estate brokers amongst others. NPAsource.com has registered NPA properties worth over Rs 13,000 crore in its first year of operations.

Source : Equity Bulls

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