Indian Bank and Uco Bank slippages shoot up during second quarter
Indian Bank and Uco Bank’s fresh slippages have shot up during the second quarter of 2021-22 as the banks classified their exposure to Srei group accounts as non performing assets.
The two public sector lenders have recognised aggregate stressed exposure of around Rs 2,820 crore during the second quarter in Srei Infrastructure Finance and Srei Equipment Finance, where the Reserve Bank of India has superseded the boards and accounts have been admitted for resolution with the NCLT.
While Indian Bank’s total fresh slippages during the quarter were at Rs 3,952 crore, Uco Bank’s fresh slippage was at Rs 2,389 crore. However both lenders saw an overall reduction in their gross and net non performing assets despite the slippages on account of higher provisions.
