According to the latest corporate filings, Canara Bank has purchased 12 million shares of ₹10 each, Bank of Baroda (BoB), State Bank of India (SBI), Union Bank of India and Indian Bank have bought 9.9 million shares each; Punjab National Bank (PNB) and Bank of India have bought 9 million shares each. As part of the bad bank, an asset management company (AMC) will also be created. As of 31 March, 7.5% of all bank loans had turned bad. Mint reported on 8 March that state-run banks leading the effort to build India’s first bad bank want private entities to take a 51% stake in the AMC. The bad bank will be headed by Padmakumar Madhavan Nair, a stressed assets expert from SBI.

Source: Mint July 19, 2021 18:11 UTC