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NEW DELHI: The finance ministry is working with state-run lenders to frame a common set of rules for valuation of stressed assets for faster resolution of loans extended by consortia of banks. A senior finance ministry official said a select group of bankers is working to arrive at common rules of valuation. “It has been observed that in cases of joint lending, banks are unable to arrive at a common valuation, which stalls the resolution process. Further, individually, banks also fear that if they agree to a certain haircut, it may not stand the scrutiny of vigilance agencies,” the official said, adding that new norms will address such concerns. The group was formed during ‘PSB Manthan,’ a two-day conclave of PSBs and has representation from all leading banks. A bank executive who is p
NEW DELHI: The Reserve Bank of India is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as nonperforming assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers, a finance ministry official said. These accounts are in addition to the 41 that the central bank has already identified, including several against which banks have now started bankruptcy proceedings. This new list of accounts had come up during discussions on the recapitalisation of state-run banks. These assets identified by the RBI have been accounted for in the Rs 2.1-lakh crore bank recap plan announced last month, and so will not bloat the capital requirement o...
MUMBAI: Canada's largest pension fund CPPIB will call off its proposed joint venture with Kotak Mahindra Group to invest in stressed assets in India. The $ 525-million fund that was announced in March 2016 will be wound up as it failed to find investments in stressed assets, said two people with direct knowledge of the development. Kotak Group will now go alone with commitments from some sovereign funds such as Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority on a deal to deal basis. Both ADIA and Qatar Investment Authority are investors in some of the funds of Kotak. “Our venture with CPPIB will end by August,” a person with direct knowledge of the development said. “We will now invest from our proprietary book while also looking to join hands with our investors li