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65 NPA Accounts Referred to NCLT by Allahabad Bank
June 13, 2018
With a hope for resolution under the Insolvency and Bankruptcy Code (IBC), public sector Allahabad Bank has referred 65 Non-Performing Accounts (NPAs) worth Rs. 12,566 crores to the National Company Law Tribunal (NCLR).
The lender said that it wants to minimize bad debt and looks to rebalance its loan book by shifting focus to the agriculture and retail lending.
Allahabad Bank was put under the Prompt Corrective Action (PCA) framework by RBI in May this year. It has named around 257 wilful defaulters so far.
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