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Tuesday, 20 June 2017

IDBI initiated insolvency proceeding against Lanco, first among 12 accounts identified by RBI

IDBI Bank has started insolvency resolution process against Lanco Infratech Ltd. following a directive from the Reserve Bank of India (RBI). While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the RBI recently.

The other accounts identified by RBI include Essar Steel, Bhushan Steel, Electrosteel Steel, Alok Industries, Jyoti Structures, Monnet Ispat and Jaypee Associates. The RBI’s internal committee identified 12 accounts on the criteria that they have outstanding loan of Rs 5000 crore and is classified as non-performing loan as in March 2016. These accounts constitute 25% of total NPAs.

Banking Takeaways from Above News-
  • Headquarters of IDBI bank is in Mumbai, Maharashtra.
  • Industrial Development Bank of India is the full form of IDBI.
  • CEO of IDBI Bank is Mahesh Kumar Jain.
Source- The Economic Times

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