PSU banks to sell off bad loans to asset reconstruction firms

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A few public sector banks, including the country’s largest lender, State Bank of India, is trying to sell about Rs. 2000 crore of bad loans to asset reconstruction companies, reflecting mounting pressure from stressed assets. This is the first time in a decade that banks are eager to sell stressed loans in the beginning of the year. Some analysts said that UCO Bank wants to offload Rs. 1000crore of outstanding loans, while State Bank of Hyderabad has already called an auction for Rs. 700 crore. Also in the list are Canara Bank and the State Bank of India, though they are selling a smaller portfolio of sticky loans.

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