"The RBI issued directions in their communication dated August 28, advising banks to finalise and implement viable resolution plan in select accounts by December 13, failing which, insolvency proceedings should be initiated in all the accounts mentioned in the communication and accordingly mandated provisions should be made by March 31, 2018," Axis Bank said in a BSE filing.
It said that the bank had exposure on 12 of these accounts as on June 30.
"Total fund based outstanding of the bank on these accounts was Rs 1,843 crore. Non-fund based outstanding was Rs 649 crore," it said.
Around 75 per cent of the outstanding was secured, the private lender said.
It said that against this outstanding, the provision held was Rs 862 crore.
According to reports, RBI sent out a second list of defaulters to banks on August 28. It had initially sent a first list which included names of top 12 defaulters.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.