‘People’s Bank’s NPA well within industry averages’

People’s Bank’s Non Performing Assets (NPA) portfolio compares well with industry averages states Peoples Bank on view of the recent discussions in several public forums relating to the ‘NPA’ portfolio of People’s Bank, the Bank in a release sets out the following matters:

NPAs are loans whose interest and or principal have not been duly serviced for a stipulated time period. A mere classification to NPA does not constitute a write off.

If when a facility is classified as NPA, the Bank commences its due process to recover which includes actions such as follow ups, negotiations, auctioning and litigation. In this context, the following points are emphasized for better understanding; A. A write off is undertaken only if and after every other avenue for recovery is fully exhausted, B. the Bank’s portfolio of NPAs consists of those originating/ having been so classified during a period of over two decades, C. None of the loans discussed recently in public forums have been written off, D. People’s Bank’s NPA portfolio compares well with industry averages and E. as a responsible Financial Services Provider which provides unparalleled security for customer deposits, People’s Bank considers recovery of NPAs as a matter of utmost priority.