State-run lender United Bank of India has been able to sell as many as seven NPA accounts to asset reconstruction companies(ARCs) in the current quarter and is looking to sell more bad loans to clean up the balance sheet. The lender looks to sell NPAs before its proposed merger with PNB and Oriental Bank of Commerce, expected to come into force from the next-fiscal.

NSE Nifty opened negative and witnessed sustained selling pressure throughout the session. The index drifted sharply towards the 10,770-level in the latter part of the day and formed a-strong-bearish candle on daily scale, as it closed with a loss of over 200-points. Nifty-Bank continued its formation of lower-highs and lower-lows from the past four trading sessions and corrected nearly 600-points to close below 27,000.

The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs.25,090.3 crore. Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs.23,879.8 crore. However, no suits have been filed against the remaining 34 defaulters who owe the bank Rs.1,210.5 crore.