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Indian Bank's exposure to crisis-hit IL&FS group stands at Rs 18 billion

T E Narasimhan/Chennai 09 Nov 18 | 03:42 PM

Indian bank branch

Indian Bank has said that it has an exposure of around Rs 18 billion to crisis-hit IL&FS. But the bank does not see any major problem as most of the accounts are performing.

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Indian Bank's new Managing Director and CEO Padmaja Chunduru said that total exposure to IL&FS group is 10 accounts. Out of which six are special purpose vehicles, whose revenues are ring-fenced with an escrow account.

One account was declared as NPA three years back and fully provided for. Another account with an exposure of Rs 1.72 billion was also confirmed as NPA during the quarter ended September 2018.

ALSO READ: Indian Bank records 66.7% decline in Q2 net at Rs 1.50 bn, income up 5.23%

Two more accounts worth Rs 1.30 billion are under the scrutiny. Another Rs 4 billion given to IL&FS' subsidiaries are performing.

As the government is taking quick steps to resolve the issues, we don't foresee a major problem, MD& CEO Chunduru said.

Indian Bank's total exposure to the NBFC sector is around Rs 204.77 billion.

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