NESFB to Sell Rs 600 Crore Stressed Loans to Clean Up Books

17 Oct 2023 CW Team

North East Small Finance Bank (NESFB), which is due to merge with Slice Group, is planning to sell over Rs 600 crore of its stressed loans to Asset Reconstruction Companies (ARCs). This is part of a move to clean up its books ahead of the merger.

Rating agency CRISIL has placed NESFB's Tier-II bonds ""under watch with developing implications"". The sale of the stressed loans, along with controlled growth in the loan book until the merger, is expected to improve the bank's asset quality in the near term. This should lead to a gradual reduction in credit costs and a return to profitability in the normal course of business.

The stressed loans comprise gross non-performing assets (NPAs) and restructured loans.

The Reserve Bank of India has given a ""No Objection Certificate"" for the proposed merger between NESFB and Slice Group entities. The merger is expected to be completed within 9-12 months, after which there will be only one entity, NESFB, subject to regulatory approvals.

NESFB's asset quality has been weak, impacted by the pandemic, floods in Assam, and the adjacent north-eastern region. As a result, the bank's GNPA has surged from 10.9% in March 2022 to 24.9% on 30 June 2023.

Profitability has also been modest, constrained by elevated provisioning requirements. For the financial year 2023, the bank reported a loss of Rs 213 crore, up from Rs 123 crore in the previous year. For the first quarter ended June 2023, the bank reported a loss of Rs 8 crore.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..