State-owned Punjab National Bank (PNB) has put up for sale nearly a dozen non-performing assets (NPA) to recover dues of more than 1,234 crore rupees. The lender has invited bids from asset reconstruction companies non-banking financial companies, banks, financial institutions for 11 NPA accounts. The bank said in a statement that the sale is on 100 per cent cash basis.
The bank has asked the prospective bidders to expedite the process of due diligence. The public lender is set to merge two peer banks – Oriental Bank of Commerce and United Bank of India with itself following the government’s announcement late last month to consolidate 10 public sector banks into four bigger entities.