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Saturday, September 14, 2013

Allahabad Bank keen to restructure MFI accounts

Allahabad Bank is keen on restructuring accounts of micro finance institutions (MFIs) for a second time and it is for promoters to come up with a solution, an official of the bank said.

“The bank will not write off the MFI accounts. But we are keen to do a second round of restructuring,” the official said.

The official said that for the first year, the assets would be treated as non-performing, and would be upgraded to standard asset after accounts start performing.

“Lending to MFIs is not the bank’s core business. It is up to the promoters to come up with a solution. We are there as far as second restructuring is concerned,” he added.

Source: thehindubusinessline


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