Foreclosureindia.com & BankAuctions.in - New Experienced Team Is Formed for Disposal of NPA's
Online, November 1, 2013 (Newswire.com) - India's one and only internet portal exclusively listing auction properties of the banks and financial institutions, has made great progress in serving both the banks and public. It is Worlds No. 1 free foreclosure listing service provider & one among the seven E auction service providers in India. State Bank of Hyderabad, Eluru Regional office has certified that their services of E Publicity & conducting E Auctions are Excellent and Central Bank of India, Visakhapatnam has certified that their services are commendable.
Based on the research made during the last four years on non performing assets and its disposal trends, it found very interesting aspect / game changing aspect on disposal of non performing assets. It has roped in senior State Bank of India AGM & Chief Manager for fine tuning the research finding and to develop and implement the ideas in innovative ways. The whole idea is to disseminate various kinds of NPAs and bring back the funds into the banking system to improve the economy at macro level lest these huge NPAs will be a drag forever.
Sri S S H Satyanarayana, retired Asst. General Manager of SBI, worked in Banking Operations, Credit Appraisal, Project Appraisal and Audit. He is a Specialist in Credit & Operational Risk Management and was instrumental in implementing Risk Management policies at all-India level across SBI. As Regional Manager, he studied the concept of Assets leading to NPA status and led his team from front in reducing NPAs and earned accolades from Top Management. He has joined our team as Chief General Manager.
Sri Babu Rao, retired Chief Manager, SBI, worked in Banking Operations, Inspection & Audit. He has joined our team as General Manager.
These two senior officers supported by another three member team is formed to work on a special assignment to develop, & implement the research findings on disposal of non-performing assets of Banks including restructuring/ rehabilitation of NPAs and , one time settlement of NPA's.
As per the " Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances of Reserve Bank of India" Restructuring of advances could take place in the following stages:
(a) before commencement of commercial production / operation;
(b) after commencement of commercial production / operation but before the asset has been classified as 'sub-standard';
(c) after commencement of commercial production / operation and the asset has been classified as 'sub-standard' or 'doubtful'.
One Time Settlement can also be considered, wherever necessary, when the unit becomes unviable on account of various factors.
The new team will focus on E Auctions, special assignments, viz. Restructuring/ Rehabilitation and OTS activities.
The website is on its way to fulfill its mission of creating a market for auction of properties in India by educating more and more people who were oblivious to the auction property market and giving them an alternative to the conventional properties.
Team foreclosureindia.com acknowledges the support being given by all the Banks and financial institutions. They wishes Happy Deepavali to all the visitors of their portals, borrowers, Investors, Officers & staff of the Banks.