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YES Bank in talks with ARCs to sell bad debt worth Rs 32,344 crore

Lender names EY as advisor, has already made provisions for Rs 24,476 crore, or 76% of its gross NPA

YES bank
The bank is also looking at the option to sell its mutual fund business to free up its capital

YES Bank is gearing up to sell its non-performing assets (NPAs) worth Rs 32,344 crore to asset reconstruction companies (ARCs). It has appointed EY to advise it on the sale. Several ARCs have been sounded off by EY to submit their bids for the book. YES Bank has already made provisions of Rs 24,476 crore. These represent 76 per cent of its gross NPAs. The sale of the NPA book will help the bank regain its lost place in the banking industry, which was marred by a scandal involving its former promoter Rana Kapoor. Both EY and YES Bank declined to comment till the time ...