The quarterly results of three out of seven banks have been declared where it has been seen that the recoveries due to bad loans are better. After Raghuram Rajan, Governor of the Reserve Bank, pushed banks to get bad loans off their books by offering them to asset remaking organizations, this also gave a jolt to willful defaulters.
Shubhalakshmi Panse, chairperson of Allahabad Bank's attributed that because of the improvement in recovery performance, there has been an 18% profit growth. The bank made a recovery during the second quarter of Rs. 2,573 crore, in comparison to last year, it was seven times more.
Different financial lenders incorporating Union Bank of India and Bank of Maharashtra, saw spikes in bad loans, however Debabrata Sarkar, the chief of Union Bank stated he anticipates that the NPA circumstances will enhance throughout the following not many quarters. Indian Overseas Bank and Syndicate Bank however felt the agonies as the economy is even now demonstrating to a few anxieties.