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With Exposure to Eight Top Defaulters, Axis Bank Says Enough Provisioning Done
July 07, 2017
As the concerns on additional provisioning for bad loans’ accounts are increasing, Axis Bank said that it has access to 8 out of 12 mega defaulters named by the Reserve Bank of India.
The lender said that its total fund-based exposure of the eight accounts stands at Rs. 5,071 crore and of non-fund based stands at Rs. 212 crore.
According to the information in a recent exchange filing Axis Bank has secured 80% of the outstanding debt. This revelation also resulted in an increase of its stocks by 3.48%.
