:::::SRI S.B. RODE, OUR BELOVED PRESIDENT, AICBOF AND OFFICER DIRECTOR ON THE BOARD OF CENTRAL BANK OF INDIA HAS BEEN COOPTED AS GENERAL SECRETARY, AICBOF IN E.C. MTG. HELD AT MUMBAI ON 24.02.2014:::::MR. S.C. GUPTA, GEN. SECRETARY OF OUR AHMEDABAD UNIT HAS BEEN COOPTED AS PRESIDENT, AICBOF::::::WE CONGRATULATE THEM AND WISH THAT THE OFFICERS' MOVEMENT IN CENTRAL BANK OF INDIA WILL BE TAKEN TO NEW HEIGHTS:::::LONG LIVE CBOA:::::LONG LIVE AICBOF::::::LONG LIVE AIBOC:::::

BANKS, ARCs TO STANDARDISE BAD LOAN AUCTION PROCEDURE

Commercial banks and Asset Reconstruction Companies (ARCs) are considering joining hands to standardise the process for auction of stressed assets in the banking sector, a move which may help revive the secondary market for bad loans. Since the ARCs have come into the scene just five years ago, there are no standardised procedures. Each bank pursues its own strategy to sell bad loans, while RBI norms only talk about provisioning norms on the sale of bad loans.

A committee of banks and ARCs led by Mr. Umarji, a legal advisor to the Indian Bank Association is working on a standard deed of assignment.

UCO Bank, United Bank of India and Allahabad Bank are in the market now to auction their bad loans while Central Bank of India is planning to sell off some of its stressed assets soon.

Source: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Banks-ARCs-to-standardise-bad-loan-auction-procedure/articleshow/5422012.cms

Posted by C.B.O.A., A.P.

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