India's Syndicate Bank Ltd. has created a new vertical aimed at recovering about 270 billion rupees of nonperforming assets, Press Trust of India reported Jan. 15, citing Ajay Khurana, the bank's executive director.
The stressed asset management vertical is comprised of 1,200 of the bank's existing staff, including legal and credit experts.
The bank will also focus on lending more to the micro, small and medium enterprises and retail sector, rather than large corporates, Khurana said. The bank aims to give loans worth 100 billion rupees to MSMEs in the next two months, he added.
As of Jan. 15, US$1 was equivalent to 71.04 Indian rupees.