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According to a new rule which is still to be announced, <keyword id="36838" type="COMPANY" weightage="100" keywordseo="indian-banks">Indian banks</keyword> could suffer if one of their corporate borrowers is blacklisted as 'non-performing asset' (NPA) by another bank. 
 
The proposal has recently been discussed between senior bankers and regulatory officials, and chances are that it might impact earnings of many banks. 
 
Going back in time, a similar rule was announced about 15 years ago. According to that rule, if a bank had tagged a loan as NPA, all other banks who dealt with that company had to do the same, no matter if the company did no default to them. The rule was considered too harsh and was thus scrapped. 
 
"The proposal aims to protect banks from sudden blow that's inevitable when a large account turns NPA. If a company has missed interest payments to one bank which is treating the account as NPA, it is evident that borrower is either facing problems or promoters have misused the money. Now, if the cash flow problem persists, it's a matter of time it would default to other banks as well. These banks will then have to categorise the loan as NPA and provide for it. This extra provisioning will act as a cushion against future defaults," an expert told ET. 
 
<a href="http://www.streetwisejournal.com/wp-content/uploads/2015/04/Struggling-under-debt-burden.jpg">Image source</a>

New provisioning rule too harsh to handle for bank loan defaulters

<ul class="summary-list"><li>In <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword>, candidates in several state senate races with no party affiliation (<keyword id="79363" type="ORGANIZATION" weightage="60" keywordseo="NPA">NPA</keyword>) garnered thousands of votes with little to no campaigning or fundraising.</li><li>The playbook appears the same across races: A candidate with no political experience registers to run just days before the deadline.</li><li>Then, political action committees pour hundreds of thousands of dollars into mailers supporting these candidates, often using language that appears designed to appeal to Democratic voters.</li><li>Florida state Sen. Jose Javier Rodriguez, who narrowly lost reelection by 32 votes, claimed in an interview with Business Insider that this was an attempt by the Republican party to pull Democratic votes from his campaign. </li><li>More than 6,000 people voted for Alex Rodriguez, an NPA candidate with no previous political experience and no public presence but who shared a last name with the incumbent.</li></ul>In several key state races in Florida, candidates with no party affiliation (NPA) garnered thousands of votes with little to no campaigning or fundraising. Over the past few weeks, evidence has emerged to suggest that these were actually "ghost candidates" meant to siphon votes from their Democratic challengers. In one case, sources told the Miami Herald an NPA candidate was <a href="https://www.miamiherald.com/news/local/community/miami-dade/article247567095.html#storylink=bignews_main">planted</a> by a former Republican state senator and almost certainly changed the outcome of the race.The playbook appears the same across races: A candidate with no political experience registers to run just days before the deadline. Then, political action committees with apparent ties to prominent Republicans pour hundreds of thousands of dollars into mailers supporting these candidates, often using language that appears designed to appeal to Democratic voters.The race for Miami-Dade's state Senate District 37 between Democratic incumbent Jose Javier Rodriguez and Ileana Garcia, the founder of Latinos for Trump, was always expected to be close. In the end, Garcia won by just 32 votes. That's arguably because more than 6,000 people voted for Alex Rodriguez, an NPA candidate with no previous political experience and no public presence but who shared a last name with the incumbent.Jose Javier Rodriguez claimed in an interview with Business Insider that this was an attempt by the Republican party to pull Democratic votes from his campaign. "The Republicans ran one campaign, one unethical campaign, with two candidates," he said. Miami-Dade prosecutors are now looking into this race, according to <a href="https://www.sun-sentinel.com/opinion/editorials/fl-op-edit-florida-election-fraud-20201125-ifg6ssys35bjrp7bes6xzizon4-story.html">local reports.</a>Indeed, at a campaign party on election night, former Miami state Senator Frank Artiles told invitees that he had convinced Alex Rodriguez to run for the seat. "That is me, that was all me," Artiles said, according to attendees. Artiles started working on a plan to draw votes away from the Democratic incumbent in 2018, after he was forced to resign from the Florida state Senate for using a racial slur to refer to two Black lawmakers, according to the <a href="https://www.miamiherald.com/article247567095.html">Miami Herald</a>.At the time, he boasted to a friend that he had developed a "siphoning strategy" that relied on using a shill candidate to pull votes away from the Democratic candidate, according to the Herald. He enlisted his close friend, Alex Rodriguez, who conveniently shared a last name with the incumbent, to serve as the fake candidate, the Herald reported.Neither Frank Artiles nor Alex Rodriguez responded to repeated requests for comment from Business Insider. When confronted by a local news station <a href="https://www.local10.com/news/local/2020/11/11/evidence-suggests-several-state-senate-candidates-were-plants-funded-by-dark-money/">WPLG reporter</a>, Alex Rodriguez pretended to be somebody else.Alex Rodriguez registered his campaign in June, just days before the qualifying deadline. Campaign records show that Rodriguez received just one donation of $2,000 from the candidate himself. Most of that donation likely went to filing fees, which the campaign paid just two days after receiving the donation.On his filing payment, Rodriguez listed Jose "Pepe" Riesco as his campaign's treasurer. Riesco, an accountant based in Miami, serves as the treasurer of several political action committees that donate heavily to local Republican candidates, one of whom shares an address with the Alex Rodriguez campaign.After that, the campaign went dark for four months. Rodriguez didn't appear at any public events, nor did he create a campaign website or announce a platform. Then, in early October, a political action committee called Our Florida paid $370,000 to Advance Impression, an Orlando-based printing company, campaign finance records show. Shortly thereafter, mailers supporting Alex Rodriguez and another South Florida NPA candidate began to circulate. Our Florida, which has only been active in the most recent election cycle, is connected to Alex Alvarado, a young Republican operative, according to CNN. Alvarado's stepfather owns Advance Impression, which printed the mailers supporting Alex Rodriguez, <a href="https://www.cnn.com/2020/11/23/politics/florida-dark-money-mystery-invs/index.html">CNN</a> reported.Alvarado declined to comment for this article.Similar mailers supporting a third-party candidate also appeared in a highly contentious race in Orlando. This time, the mailers were directed at an NPA candidate named Jestine Iannotti, who entered the state senatorial race between Republican Jason Brodeur and Democrat Patricia Sigman. The mailers, which were first reported on by <a href="https://www.politico.com/states/florida/story/2020/10/20/mystery-florida-donor-targets-key-senate-races-with-misleading-mailers-1327678">Politico</a>, were clearly targeted at the district's Black population. They featured an image of a Black woman and the text "Jestine Iannotti will always be there for us."But Iannotti wasn't there for the city's Black population - in fact, she wasn't there for anyone. Like the other NPA candidates, Iannotti never campaigned or participated in interviews. Her campaign raised just $1,300, more than half of which was a donation from Iannotti herself."She was a ghost," Sigman said. "Throughout the campaign process, she stayed hidden." Like Jose Rodriguez, Sigman, who narrowly lost her race, places the blame squarely on the Republican party.The mailers supporting Iannotti were funded by The Truth, a PAC with remarkable similarities to Our Florida. Both were founded during the 2020 cycle by political newcomers. Both listed just one expenditure, on the same day, to the printing company owned by Alvarado's stepfather.In both cases, the PACs' expenditure to the printing company matches a donation received just two days earlier from an Atlanta-based company called Proclivity. Its address is a UPS store in Atlanta, and is not a registered business in Georgia, nor is it registered as a political organization in Florida, the <a href="https://www.sun-sentinel.com/opinion/editorials/fl-op-edit-florida-election-fraud-20201125-ifg6ssys35bjrp7bes6xzizon4-story.html">Sun Sentinal</a> points out.The chairman of The Truth, Hailey De Philippis, did not respond to emails and calls from Business Insider.The use of NPA candidates to sway the vote isn't unique to this year's election, according to Michael Binder, a professor of political science at the University of North Florida. Neither is it illegal. In fact, the state Republican party has been tied to straw candidates in the past.In 2012, Republican David Rivera allegedly paid a South Florida man to run in the Democratic primary against his opponent. In 2018, a consulting firm frequented by Republicans sent out mailers backing an NPA candidate in a bid to <a href="https://www.gainesville.com/news/20190402/enneking-complaint-dismissed-linked-to-republican-operatives">unseat</a> an incumbent Democrat. That same consulting firm was used by the Florida Republican Senatorial Campaign Committee in this past election to send out large numbers of mailers.Several of the candidates in this current election, including Sigman, also faced Republican-backed challengers in their primaries. While primary ghost candidates must be registered with a political party, they nonetheless serve the same purpose as NPA candidates - to draw votes away from the frontrunner."These candidates don't matter until they matter," Binder said. "You can find a ton of different races with NPA candidates or registered write-in candidates that are not particularly meaningful at all. However, when they are meaningful, it can absolutely swing an election."

Backed by dark money, candidates with no party affiliation appear to have changed the outcome of several Florida races

State-owned non-banking finance firm <keyword id="77463" type="COMPANY" weightage="20" keywordseo="Power-Finance-Corporation">Power Finance Corporation</keyword> (PFC) has recorded the highest-ever net profit of ₹8,444 crore for financial year 2020-21, a 49 percent jump over the previous year. In FY20, the PFC had reported a net profit of ₹5,655 crore on a standalone basis. The company's consolidated net profit also increased by 66 per cent in FY21 to ₹15,716 crore against ₹9,477 crore reported in FY20. During 2020-21, the power sector lender increased its net interest income to ₹12,951 crore in compassion to ₹10,097 crore reported in FY 20. The company declared dividend of ₹2 per share which takes up its total dividend distribution in FY 21 of ₹10 per share i.e. 100 per cent. Aided by profit growth, PFC's net worth for FY21 also increased by 16 per cent to ₹52,393 crore. Unlike commercial banks, PFC's Gross <keyword id="79363" type="COMPANY" weightage="20" keywordseo="NPA">NPA</keyword> ratio saw a sharp reduction of 238 bps from FY20. The current GNPA ratio is at 5.70 per cent against 8.08 per cent in FY20 <keyword id="920338" type="COMPANY" weightage="20" keywordseo="Net-NPA">Net NPA</keyword> ratio also saw a sharp reduction of 171 bps from FY20. The current Net NPA ratio is at 2.09 per cent against 3.80 per cent in FY20. The lender said that 25 percent of its 'stressed book' got resolved in FY 21. The capital adequacy ratio of the company has also improved sequentially to 18.83 per cent as on March 31, 2021. The capital adequacy is at a comfortable level with sufficient cushion over &amp; above the prescribed regulatory limits. Under the Aatma Nirbhar Discoms liquidity support announced by the government, PFC &amp; its subsidiary <keyword id="46436" type="LOCATION" weightage="20" keywordseo="REC">REC</keyword>, combined together have so far sanctioned ₹1,34,782 crore and disbursed ₹78,855 crore. "I am extremely pleased with our FY 21 results despite the many headwinds faced during the year. The impressive performance in FY 21 as is evident from the highest ever profit, underlines the inherent strengths of PFC in handling adverse economic events. Going forward also, we are committed to deliver long-term value to our shareholders," Chairman and Managing Director R.S. Dhillon said. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/stock-market/news/adani-group-pnb-coal-india-tcs-and-other-stocks-to-watch-out-for-on-june-14/slidelist/83499937.cms">Adani group, PNB, Coal India, TCS and other stocks to watch out for on June 14</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/cryptocurrency/news/weekly-crypto-roundup-wazirx-under-scrutiny-el-salvador-makes-bitcoin-legal-tender-and-more/slidelist/83478577.cms">Weekly crypto roundup: WazirX under scrutiny, El Salvador makes Bitcoin legal tender and more</a>

Non-banking finance firm Power Finance Corporation records 49% jump in net profits in FY21

New Delhi, Dec 22 () LIC-controlled IDBI Bank expected to come out of the Prompt Corrective Action (PCA) framework in the last quarter of the current fiscal with the support of capital infusion and recovery from large IBC cases.
According to sources, some of the restrictions with regard to lending by the bank have been eased recently.
With money coming from resolution on Essar Steel and expected flow from resolution of Bhushan Power and Steel and Alok Industries, sources said the bank is likely to be posting profit during the third quarter and the subsequent quarter.
The bank has already come below net NPA threshold of 6 per cent, one of the three parameters for triggering PCA framework. The net NPA of the bank reduced to below 6 per cent in the second quarter ended September 2019.
Recently, Parliament approved Rs 9,300 crore capital infusion in IDBI Bank. The department of financial services got an additional Rs 4,557 crore for infusion into IDBI Bank through recap bonds for their share of 47.11 per cent in IDBI Bank. State-owned LIC, which is the promoter of the debt-ridden lender with 51 per cent stake, will pump in an additional Rs 4,743 crore to improve the bank's capital position.
Wtih this kind of capital infusion coupled with write back from the recoveries from large NPA cases, the bank is expected to come out from the weak bank watch list by the end of the current fiscal, sources said.
The PCA framework kicks in when banks breach any of the three key regulatory trigger points namely capital to risk weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA).
Earlier this month, Finance Minister Nirmala Sitharam said the recapitalisation was done by the government by infusing Rs 21,157 crore into IDBI Bank since 2015 after we came back to power and LIC infused Rs 21,624 crore.
"So both put together have given Rs 42,781 crore to the bank. This has help reduce the net NPAs from a peak of 17.3 per cent in September, 2018 to 5.97 per cent in September, 2019. It has come below RBI's 6 per cent net NPA threshold level," she had said.
Earlier this year, the RBI removed five banks - Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and Corporation Bank - from the PCA framework in two phases after capital support from the government that resulted in improvement in their financial parameters.
The capital infusion helped these lenders meet requisite capital thresholds and reduced their net NPA levels to below 6 per cent. DP MKJ

IDBI Bank likely to be out of PCA framework in fourth quarter

New Delhi, Nov 19 () Central Bank of India has reported an increased net loss of Rs 6,430.48 crore for 2018-19 due to NPA divergence after assessment of higher bad loans by the Reserve Bank.
 The net NPA divergence -- the difference between the NPAs reported by the bank and that assessed by the RBI -- was at Rs 2,565 crore for 2018-19.
 Central Bank of India had reported a net loss of Rs 5,641.48 crore in 2018-19 earlier.
 "The adjusted (notional) net profit after tax for the year ended March 31, 2019 after taking into account the divergence in provisioning is (-) Rs 6,430.48 crore," the bank said in a regulatory filing.
 Banks are required to report divergences in their asset classification and provisioning as per Sebi guidelines issued on October 31, 2019.
 The bank had reported Rs 11,333.24 crore net NPAs during the year while the RBI assessed it at Rs 13,898.24 crore, leaving a gap of Rs 2,565 crore.
 The divergence in provisioning also increased by Rs 788 crore for the fiscal ended March 2019.
 Market regulator Sebi has put in place tighter disclosure norms, directing all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI's risk assessment report, rather than waiting to publish the details in their annual financial statements.
 Banks, including Indian Bank, Union Bank of India, Bank of India, Indian Overseas Bank and Lakshmi Vilas Bank, have already reported their NPA divergences for the last fiscal.
 The disclosures need to be made in case the banks' additional provisioning for non-performing assets (NPAs) assessed by the RBI exceeds 10 per cent of the reported profit before provisions and contingencies, and if the additional gross NPAs identified by the RBI exceed 15 per cent of the published incremental gross NPAs. KPM MR

Central Bank of India reports higher Rs 6,430cr loss for FY19 due to NPA divergence

Mumbai, May 28 () The Reserve Bank on Thursday said it has imposed a penalty of Rs 5 crore on state-owned Bank of India for non-compliance with certain provisions, including those related with NPA. The central bank also imposed a penalty of Rs 1.2 crore on Karnataka Bank for non-compliance with NPA norms. In a statement, RBI said it has imposed a monetary penalty of Rs 5 crore on Bank of India (BoI) for non-compliance with "certain provisions of the directions issued by RBI on 'Income Recognition, Asset Classification and Provisioning pertaining to Advances - Divergence in NPA accounts', 'Opening of current accounts by banks – Need for discipline', and 'Classification and reporting of frauds'". Giving details, it said the statutory inspection of BoI with reference to its financial position as on March 31, 2017 and March 2018 and the risk assessment reports pertaining thereto revealed, inter-alia, non-compliance with the certain directions. A notice was issued to the bank in this regard. After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions, RBI concluded that the charges of non-compliance with RBI directions warranted imposition of monetary penalty. The penalty on Karnataka Bank has been imposed for non-compliance with certain provisions of directions on 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts' and 'Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances'. RBI also imposed a penalty of Rs 30 lakh on Saraswat Co-operative Bank for non-compliance with directions on 'Income Recognition and Asset Classification (IRAC) norms.' In all three cases, action is based on the deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with customers, RBI said. NKD RVK

RBI imposes penalty on Bank of India, Karnataka Bank

New Delhi, Oct 10 (IANS) The Reserve Bank of India has urged the Supreme Court to lift the across-the-board stay on classification of non-performing asset (NPA) till further orders as it has huge implications for the banking system In a fresh affidavit filed in the apex court, the RBI said: "It is humbly submitted that this hon'able court had given an across-the-board stay on classification of any account as NPA till further orders. If the stay is not lifted immediately, it shall have huge implications for the banking system, apart from undermining the regulatory mandate of the Reserve Bank of India." On September 3, in a respite to stressed borrowers, the Supreme Court had directed that accounts not declared NPAs as of August 31 should not be classified as such until further orders. On October 3, in an affidavit, the Centre had informed the court that any account becoming non-performing even due to the bank's or any other delay need not suffer from being labelled as NPA. Justifying the lifting of the stay on NPAs, the RBI cited its July 2015 circular aimed at reflecting the true and fair position of the accounts of banks so that the financial assets (which are public assets) will be accurately reflected in the books of accounts of the lenders. "The classification of a loan account as NPA, based on the record of recovery, actually enables the lenders to follow the regulatory guidelines with regard to income recognition and provisioning. Every regulatory forbearance has its trade-offs in terms of adverse incentives and unintended consequences", said the RBI in the affidavit. "It is further prayed that the interim order dated September 4, 2020 restraining classification of accounts into Non-Performing Accounts in terms of the directions issued by the RBI may kindly be vacated with immediate effect," said the RBI. The Centre also emphasised that it is not possible to revise its decision to waive interest-on-interest for loans up to Rs 2 crore, wherein the government would bear the cost for MSME loans and personal loans. "This decision by the government to provide additional relief to a large segment of borrowers has addressed the primary prayers of the petitioners," the Centre said. On the aspect of sector-specific relief instead of a monolithic resolution framework sought by reals estate and power sectors, the RBI said such prayers deliberately obfuscate the fact that resolution framework gives complete discretion to the lending institutions and borrowers to arrive at resolution plans tailored to the specific requirements of sector subject. The RBI cited its September 7, circular, which provides for separate thresholds for 26 sectors, including power, real estate and construction. In respect of those sectors where the sector-specific thresholds have not been specified, lending institutions have been permitted to make their own internal assessments. The RBI said that sectors such as power and real estate were already stressed even before the coronavirus pandemic on account of various factors pertaining to sector-specific problems. "Nonetheless, it is submitted that the travails of the realty sector cannot be solved through banking regulations. The banking regulations of the RBI cannot substitute the redressal of structural problems of the real estate sector," the affidavit read. The RBI response came after the top court earlier this week told the government that its response did not contain "necessary details" and asked the Centre and the RBI to bring on record the KV Kamath committee recommendations on debt restructuring. (Sumit Saxena can be contacted at sumit.s@ians.in) --IANS ss/tsb

Vacate stay on accounts' classification as NPAs, RBI urges SC

New Delhi, Jan 22 () Ghana wants to replicate the highly successful Ujjwala model of giving out cooking gas (LPG) connections to the need and has signed an agreement with state-owned Indian Oil Corp (IOC) seeking its assistance and technical expertise in implementation of the African nation's national LPG promotion policy.
 Alhassan Sulemana Tampuli, Chief Executive, National Petroleum Authority (NPA) of Ghana and L K S Chauhan, Chief General Manager (LPG Operations), IOC signed the MoU in presence of Oil Minister Dharmendra pradhan and Michael Aaron, High Commissioner of Ghana to India.
 "With India's emergence as a world leader in provision of clean energy to its citizens by the expansion of its LPG network, Ghana sought assistance from India in its own efforts to promote to safe, clean and environmentally friendly LPG for increased domestic, commercial and industrial usage," an IOC press statement said.
 LPG coverage in Ghana is just 23 per cent and customers have to queue up at petrol stations with cylinders to get a refill. It wants to replicate the Indian model of setting up bottling plants where LPG can be filled in cylinders which are then transported to dealers who deliver them at customer doorstep with a view to expand the coverage to cover at least 50 per cent of the population.
 Under the Memorandum of Understanding (MOU), IOC would support the NPA on the successful implementation of the Re-circulation Model (CRM) of LPG.
 IOC will support to NPA in development of health, safety, security and environment (HSSE) standards as well as design licensing, permit and legal framework. It will help NPA develop economics for LPG bottling plant, pricing structure, and communication strategy.
 The company "will also assist in areas of infrastructure development for the new LPG value chain, support for upgrading capacities of institutions along with policy development and review," the statement said.
 As many as 8 crore free cooking gas connections were given to poor women in three years under the Pradhan Mantri Ujjwala Yojana. ANZ MKJ

Ujjwala inspires Ghana, India to assist Ghana in implementation of its LPG promotion policy

Mumbai, Dec 24 () The non-banking financial company (NBFC) sector, which has been affected by a series of default by IL&amp;FS, reported a sharp jump in gross non-performing assets ratio to 6.1 per cent in FY19 from 5.3 per cent in FY18, says an RBI report.
The net NPA ratio saw a marginal uptick at 3.4 per cent in the fiscal ended March 2019, compared to 3.3 per cent in FY18.
In its report on Trends and Progress 2018-19, the Reserve Bank of India said in FY20, up to September, asset quality of the sector showed deterioration with a slight increase in gross non-performing asset (GNPA) ratio.
However, it did not disclose of the September NPA ratio.
The report said in 2018-19, GNPA ratio of non-deposit NBFCs deteriorated to 6.1 per cent from 5.3 per cent in FY18.
The net NPA ratio for NBFCs-ND-SI edged up marginally, reflecting the maintenance of adequate buffers, especially by microfinance institutions (MFIs) and Infrastructure Finance Companies (IFC).
NBFCs-MFI, however, reported a significant improvement in the GNPA ratio at 4.3 per cent in FY19 compared to 7.5 per cent.
"The improvement in the GNPA ratio of the NBFCs-MFI may be attributed to write offs of aging loans," the report said.
In the case of deposit taking NBFCs, gross NPAs declined to 5.3 per cent in FY19 to 6.1 per cent in FY18.
The report said although the NBFC sector grew in size to Rs 30.9 lakh crore in FY19 from Rs 26.2 lakh crore in FY18, the pace of expansion was lower than in FY18, mainly due to rating downgrades and liquidity stress in a few large NBFCs in the aftermath of the IL&amp;FS event.
Despite liquidity stress faced by the sector, there was expansion in asset size of IFCs.
Balance-sheets of NBFCs-MFI also expanded on the back of strong growth in their loans and advances, especially to the agriculture sector.
In 2018-19, credit extended by NBFCs continued to grow, the report said adding, "industry is the largest recipient of credit provided by the NBFC sector, followed by retail loans and services". HV RUJ BAL
BAL

NBFCs NPA ratio jumps to 6.1 pc: RBI

Tower operator <keyword id="172782" type="COMPANY" weightage="20" keywordseo="GTL-Infrastructure">GTL Infrastructure</keyword> has clarified to the Bombay Stock Exchange and National Stock Exchange that the company is not defaulting on its bank loans. The tower operator made the clarification following a news report that stated that the company had a debt of Rs 6,000 crore and has failed to pay its dues. 
	 
	“GTL has an outstanding rupee loan of Rs 3, 432 crore as against Rs 6,000 crore reported in the news article which is baseless,” said the company in the letter dated November 4, 2014. 
	 The company also clarified that it has not raised any syndicated loan for acquisition of <keyword id="6360249" type="COMPANY" weightage="20" keywordseo="Aircel">Aircel</keyword>’s Tower business. The firm noted that GTL Infrastructure had restructured its debt under the Corporate Debt Restructure option on December 23, 2011 and has till date made a payment of Rs 681 crore to its banks. 
	 A news report today has suggested that the tower operator is reeling under a huge debt of Rs 6,000 crore and is at a risk of being declared as a <keyword id="79363" type="ORGANIZATION" weightage="20" keywordseo="NPA">NPA</keyword> as it has failed to repay its restructured loans.

You Searched For "NPA" and got 10 results

New provisioning rule too harsh to handle for bank loan defaulters

BI India Bureau

Backed by dark money, candidates with no party affiliation appear to have changed the outcome of several Florida races

Jonah Goldman Kay

Non-banking finance firm Power Finance Corporation records 49% jump in net profits in FY21

IANS

IDBI Bank likely to be out of PCA framework in fourth quarter

PTI

Central Bank of India reports higher Rs 6,430cr loss for FY19 due to NPA divergence

PTI

RBI imposes penalty on Bank of India, Karnataka Bank

PTI

Vacate stay on accounts' classification as NPAs, RBI urges SC

IANS

Ujjwala inspires Ghana, India to assist Ghana in implementation of its LPG promotion policy

PTI

NBFCs NPA ratio jumps to 6.1 pc: RBI

PTI

GTL Infra Denies Loan Default Charges, Sends Clarifications To Indian Stock Exchanges

Purba Das

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