Chennai: Government appointed board of cash strapped IL&FS has said the gross non performing loan of it’s lending arm IL&FS Financial Services (IFIN) has touched unprecedented level of 90 per cent in the December, 2018 quarter.
The board led by veteran banker Uday Kotak said IFIN had reported a gross NPA of 61.8 per cent and 5.3 per cent in the quarter ended September 2018 and March 2018, respectively.
“The company which reported a GNPA of five per cent in March 2018. I have heard double digits NPAs but 90 percent GNPAs is very unusual by any standards. That’s the challenge that we have faced,” Kotak, who is the chairman told reporters on Wednesday.
In recent past the highest NPA reported in the banking sector was around 27.9 per cent by IDBI Bank. He said the total recovery for IFIN between October 2018 to March 2019 stood at Rs 931 crore.