SBI, BoI, IDBI Bank,IOB and Nabard now linked to NPAsource.com portal-By Sachin Murdeshwar

Indian banks startusing NPAsource.com to resolve NPA properties
SBI, BoI, IDBI Bank,IOB and Nabard now linked to NPAsource.com  portal



Mr. Devendra Jain, Chairman, Atishya Group at a pressconference in Mumbai to announce tie- up with banks like SBI, IDBI, IOB, Bankof India & Nabard putting auction notices on their portal NPAsource.com

Mumbai, September 13,2012(Sachin Murdeshwar): Indian banks have startedposting their non-performing assets (NPAs) details on NPAsource.com, adedicated portal for the resolution of NPAs of banks and financial institutions.Public sector banks like State Bank of India, Bank of India, IDBI Bank, IndianOverseas Bank and financial institution Nabard have started posting their NPArecovery notices on the portal.

NPAsource.com’s ownercompany, Atishya Group, has opened an office in Dubai a month back and it is intalks with a few Gulf-based banks too for utilising the portal’s variousservices to resolve their NPAs as well as get their corporate clients toconsider buying NPA properties in India. With more banks joining the league andsharing more details on their NPAs, the portal expects that banks will getbetter value for their NPA resolutions.

Speaking on the strongsupport that NPAsource.com is getting from banks in India, Mr. Devendra Jain,Chairman of the Atishya Group said, “We have been meeting all senior bankofficials associated with NPA recoveries and creating awareness amongst themabout the benefits that would accrue to them if they were to utiliseNPAsource.com as another alternative to resolve NPAs. We have made our firstbreakthrough by getting banks like SBI, BoI, IDBI Bank, IOB and Nabard to startposting their NPA recovery notices on NPAsource.com. In the coming months wehope to see more action on the portal as deals been buyers and banks begin totake place on a regular basis.” 

“Our aim is to makeNPAsource.com the one-stop solution where all stakeholders such as lenders,borrowers, investors and facilitators, can access data on a single platform forfaster resolution of NPAs and thereby jointly try to reduce the overall levelof NPAs in India initially and later globally,” added Mr. Jain.The Gujarat UrbanCo-operative Banks Federation (GUCBF), the apex cooperative body for the 244urban cooperative banks in the state, has recommended all its member banks toutilise the facilities offered by NPAsource.com so as to resolve all theirnon-performing assets related problems.

The company has plans toopen branches in New Delhi and Bangalore as well as in the USA and Europeduring the next one year. It is in the process of appointing franchisees across30 major cities of India. The portal currently has 1000 plus registered users,comprising of banks, corporates, CA firms, lawyers, tax consultants and realestate brokers amongst others. NPAsource.com has registered NPA propertiesworth over Rs 13,000 crore in its first year of operations.