BANK NEWS
Bank of Maharashtra sees gross NPAs hovering around 8 percent in FY16
MUMBAI. State-run Bank of Maharashtra sees its gross non-performing assets or bad loans to be about 8 percent of gross advances in 2015-16, a top official said. Bank of Maharashtra's gross NPAs were at 7.97 percent of gross advances during the third quarter (October-December) of 2015-16 financial year. In the preceding two quarters, gross NPAs were 7.98 percent and 7.86 percent respectively.
"This trend will continue because the contingency effect is still there", Bank of Maharashtra Chairman and Managing Director Sushil Muhnot said. Public sector banks ar e grappling with bad loans problem and there have been efforts both on the part of the RBI and the government so that the lenders could clean up their balance sheets. Data from corporate database provider Capitaline shows that gross NPAs of 39 listed banks rose to Rs 4.38 lakh crore in the quarter ended 31 December from Rs 3.4 lakh crore at the end of the September quarter.
Source: Money control
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