People’s Bank says recovery of NPAs a priority
View(s):The People’s Bank said this week that it considers recovery of Non-Performing Assets (NPA), which have accumulated over two decades, as a matter of utmost priority.
The bank was responding to reports during a recent Parliamentary committee meeting which spoke of the large amount of NPAs at this state bank.
It said NPAs are loans whose interest and/or principal have not been duly serviced for a stipulated time period. “A mere classification to NPA does not constitute a write off – if/ when a facility is classified as NPA, the bank commences its due process to recover which includes actions such as follow ups, negotiations, auctioning and litigation,” it said.
In this context, the bank emphasised that for better understanding – a write off is undertaken only if and after every other avenue for recovery is fully exhausted; the bank’s portfolio of NPAs consists of those originating/ having been so classified during a period of over two decades; none of the loans discussed recently in public forums have been written off; and the People’s Bank’s NPA portfolio compares well with industry averages.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!