NPASource.com, an aggregation portal listing non-performing (bad) assets and run by Ahmedabad-based Atishya Technologies Pvt Ltd (part of the Atishya Group), is planning to tie up with private sector lenders and may also open a branch in Europe. The company is currently in talks with a few Gulf-based banks for providing its services for NPA resolution, along with getting their corporate clients to buy NPAs in the country.
In India, the company plans to open 20 franchises in the current financial year to cover around 30 locations. Next year, it has further plans to open branches in Delhi and Bangalore, as well as in the US.
The site claims to provide comprehensive information about the non-performing properties listed by the banks. The data featured on the site can be used by the borrower to resolve issues with the bank or can be used by a prospective buyer looking to buy the collateral from the borrower. Banks are charged Rs 1,000-Rs 1,500 per property listing while borrowers have to pay Rs 2,200-Rs 18,000, depending on the scheme.
So far, the company has around Rs 13,000 crore worth of NPA notices posted on its site, of which close to 40 per cent came from the State Bank of India and the rest from other public sector banks, such as Bank of India, IDBI Bank, Indian Overseas Bank and NABARD. The average size of the securities listed on the site is around Rs 20 crore and doesn't include bad assets from retail borrowers.
"We have four public sector banks posting their recovery notices on our site and we are in talks with other public sector lenders. In the coming months, we hope to see more action on the portal as deals between buyers and banks have started taking place on a regular basis," said Devendra Jain, chairman and managing director of Atishya Technologies.
(Edited by Sanghamitra Mandal)