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This is how NPAsource.com can ease loan recoveries Thu, Sep 13, 2012 at 18:10 NPAsource.com, Atishay group owned website posts information of sale of securities pledged against loans from different banks. Since its launch in August, 2011; it has added four public sector banks including State Bank of India, Bank of India, Indian Overseas Bank, IDBI Bank and one lending agricultural lending institution – Nabard. Moneycontrol Bureau Here is a platform wherein recoveries for bad loans are made easy! NPAsource.com, Atishay group owned portal, posts information on sale of securities pledged against loans taken from different banks, which later turn non-performing. Since its launch in August, 2011; it has added four public sector banks including State Bank of India , Bank of India , Indian Overseas Bank , IDBI Bank and one lending agricultural lending institution Nabard. “Our aim is to make this platform (NPAsource.com) the one-stop solution where all stakeholders such as lenders, borrowers, investors and facilitators, can access data on a single platform for faster resolutions of non-performing assets and thereby jointly try to reduce the overall level of NPAs in India initially and later globally,” Devendra Jain, chairman, Atishya group told reporters here in Mumbai. “We are in the process of connecting more banks. We are likely to add some private sector and state owned lenders soon. We charge banks in the range of Rs 2,500 1,800 crore per asset sale, ” Jain said. In the last one year, NPAsource.com has listed over Rs 13,000 crore worth of NPA related securities against a total loan value of nearly Rs 29,000 crore. This collateral value is roughly around 45% of loan value. India's largest lender SBI has a majority share (at around 40%) of those properties. This works something like this: Whenever, a loan account turns bad, the bank goes to sell the collateral, which is in the form of any asset, maybe, land or house property. However, if lenders find it tough to sell them in absence of interested buyers, a posting of such sale notification on NPAsource.com helps. Banks recover their loans through realisation from asset sales. With 20 years industry the Atishay chairman tries to play the role of a consultant in the entire process. He is planning to expand the website's clientele to gulf countries and later in Europe. In many cases, foreign companies do business with Indian banks or Indian coporates expand their business in abroad availing credit from banks based outside India. This situation, according to Jain, will support his global expansions. http://www.moneycontrol.com/news/wire-news/npasourcecom-hoping-to-signprivate-banks-soon_757406.html