Indian Bank set target to recover bad loans

Public sector lender Indian Bank said during the ongoing fiscal, bank aims at recovering of 670 crore bad loans.

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

He said from the total recovery amount around 300 crore would be added to the bank's reserves and surpluses, giving more space for raising capital through bonds.

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