Business & Finance
Business and Finance
Business and Finance
Wed, November 27, 2024
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Ujjivan Small Finance Bank Completes Sale Of Bad Loans Worth Rs 270 Crore
- The board of Ujjivan Small Finance Bank has approved to sell non-performing assets and written-off loans worth over Rs 270 crore to an asset reconstruction company, the bank said in an exchange filing. The small finance bank has completed the sale for Rs 40.5 crore.
Ujjivan Small Finance Bank has successfully completed the sale of bad loans amounting to Rs 270 crore to asset reconstruction company, Edelweiss ARC. This transaction involved the transfer of 1,146 non-performing accounts, with the bank receiving a cash consideration of Rs 60 crore. The sale was executed through an auction process, adhering to the Swiss Challenge method, and was part of the bank's strategy to clean up its balance sheet by offloading non-performing assets. This move is expected to help Ujjivan SFB improve its asset quality and focus on core banking operations.
Read the Full ndtvprofit Article at [ https://www.ndtvprofit.com/business/ujjivan-small-finance-bank-completes-sale-of-bad-loans-worth-rs-270-crore ]
Read the Full ndtvprofit Article at [ https://www.ndtvprofit.com/business/ujjivan-small-finance-bank-completes-sale-of-bad-loans-worth-rs-270-crore ]
