Indian Bank to recover 670 cr bad loans

Written by Agencies | New Delhi, December 31: | Updated: Dec 31 2007, 20:56pm hrs
Public sector lender Indian Bank on Monday said it expects to recover 670 crore bad loans during the ongoing fiscal.

So far, we have recovered 440 crore and expect to recover another 230 crore in the next three months, Indian Bank's CMD M S Sundarrajan said.

Of the total recovery, around 300 crore would be added to the bank's reserves and surpluses, giving more headroom for raising capital through bonds, he said.

Asked about the loan target for the ongoing fiscal, he said the bank expects credit growth of 25 per cent during the year, with the deposit growth target pegged at 20 per cent.