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Wednesday, Jan 05, 2005

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OBC chief Narang sees faster NPA recovery

Our Bureau

New Delhi , Jan. 4

THE filing of the first set of criminal complaints by Oriental Bank of Commerce (OBC) against five borrowers of the Global Trust Bank (GTB) would help speed up the process of recovery of NPAs of the erstwhile bank, according to the OBC Chairman and Managing Director, Mr B.D. Narang.

Speaking to Business Line, Mr Narang said that he expects more eagerness on the part of erring borrowers to come up with settlements after hearing news of the criminal complaints being filed with the Central Bureau of Investigation (CBI).

"I expect faster recovery after this (filing of the complaints)," he said.

A statement issued by the Ministry of Finance on Monday on the complaints filed by OBC had said that the bank was likely to file more such complaints in the days to come.

Mr Narang said that filing of such criminal complaints was normal for banks and that this would not in any way come in the way of the ongoing process of integration of GTB with OBC.

Asked why no individuals belonging to GTB have been named in the statement issued on the complaints, Mr Narang said that it was for the CBI to nail those who are guilty.

"We (OBC) are concerned only in unearthing the criminality in the transactions. The CBI would find those who are guilty."

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OBC chief Narang sees faster NPA recovery

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