Indian Bank plans to recover bad debts of ₹7,000 cr. in FY25
The Hindu
Indian Bank aims to recover ₹7,000 crore bad debts in FY25, with plans for fund raising and branch expansion.
Indian Bank is planning to recover bad debts of ₹7,000 crore in FY25 against ₹8,800 crore recovered in the year ago period, said its top executive.
“Last time, we recovered about ₹8,800 crore. But this number may come down. We will be making a recovery of around ₹7,000 crore,” MD & CEO Shanti Lal Jain said at the press meet.
Asserting that they would be recovering about ₹1,750 per quarter, he said in the first quarter they recovered ₹1,937 crore. Cash recovery was more than the fresh slippages of ₹1,928 crore.
Elaborating further, he said “MSME accounted for slippage of ₹909 crore, followed by agri ₹597 crore and retail ₹422 crore. from retail.” He added: “We also recovered ₹300 crore. In Q1, we contained the slippage ratio from 1.57% to 1.50%.”
On the fund raising, he said “The bank is adequately capitalised. Besides, they had already obtained approvals from the board and shareholders to raise ₹5,000 crore through equity, ₹2,000 crore through Tier II Bonds and ₹5,000 crore of infra bonds in FY25.
To a question, how much they are planning to recover through Asset Reconstruction Company, he said that last year the bank recovered ₹464 crore and this fiscal it plans to recover ₹400 crore.
Mr. Jain said “the bank is targeting 8-10% growth in deposits and 11-13% in credit. In Q1, it achieved 10% and 12% respectively.”
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