NPAsource.com to help dispose NPA's worth Rs 20,000 cr

Portal bridges gap between buyers and sellers of NPAs

PTI | January 25, 2012



Providing an online platform for resolution of non-performing assets, NPAsource.com today said it is aiming at disposal of Rs 20,000 crore worth NPAs over the next two years.

The portal - NPAsource.com - brainchild of Atishya Technologies, an online platform doing value addition to NPAs in public domain, to benefit lenders (banks), borrowers as well as investors.

"Our portal aims to bridge the gap between buyers and sellers of NPAs, and facilitates best deals for its disposal.

Non-performing accounts worth over Rs 5,000 crore have been put on the portal with their updated status so far," Atishya Group CMD Devendra Jain said.

"We aim at disposal of Rs 20,000 crore worth NPA's over the next two years," he said.

The group is in talks with a few banks for hosting their NPAs on the portal.

"We not only host the NPAs on our portal but do value addition to it by updating the status like pendency in BIFR, court cases, and other details, which are not available in public domain," Atishya Technologies Technical Director Akshay Sethia said.

"It helps in fetching better realisation for a NPA, to the banks by introducing transparency and also helps check cartelisation during NPA auctions done by them," Jain claimed.

According to company estimates, the maximum NPAs are in the textiles and steel sectors. And nearly 3-4 per cent of the total borrowings get converted into NPAs.

Quoting figures from RBI, Sethia said total NPAs in India as of March 31, 2011 were in excess of Rs 90,000 crore.

The company plans to invest Rs 10 crore in its portal, and open an office in Dubai by 2012 to tap NPAs in Europe, Middle East and other parts of the world.


 

Comments

 

Other News

Borrowing troubles: How small loans are quietly trapping youth

A silent crisis is playing out in the pocket of young India, not in stock markets or government treasuries, but in smartphones of college students and first-jobbers who clicked on the Apply Now button without reading the small print.  A decade ago, to take a loan, you had to do some paperwor

A 19th-century pilgrim’s progress

The Travels of a Sadhu in the Himalayas By Jaladhar Sen (Translated by Somdatta Mandal) Speaking Tiger Books, 259 pages, ₹499.00  

India faces critical shortage of skin donors amid rising burn cases

India reports nearly 70 lakh burn injury cases every year, resulting in approximately 1.4 lakh deaths annually. Experts estimate that up to 50% of these lives could be saved with adequate access to skin donations.   A significant concern is that around 70% of burn victims fall wi

Not just politics, let`s discuss policies too

Why public policy matters Most days, India`s loudest debates stop at the ballot box. We can name every major leader and recall every campaign slogan. Still, far fewer of us can explain why a widow`s pension is delayed or how a government school`s budget is actually approved. That

When algorithms decide and children die

The images have not left me, of dead and wounded children being carried in the arms of the medics and relatives to the ambulances and hospitals. On February 28, at the start of Operation Epic Fury, cruise missiles struck the Shajareh Tayyebeh school – officially named a girls’ school, in Minab,

The economics of representation: Why women in power matter

India’s democracy has grown in scale, but not quite in balance. Women today are active participants in elections, influencing outcomes in ways that were not as visible earlier. Yet their presence in legislative institutions continues to lag behind. The Nari Shakti Vandan Adhiniyam was meant to addres


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter