Asset resolution group of SBI
First, my hearty congratulations to SBI for path breathing initiative for creating this division. It indicates the willingness of innovative and largest bank of India to tackle the problem head-on.
Recently I had met with Deputy Managing Director of Stress Asset resolution group and one pain point which was discussed was need of change in the attitude of the down the line.
With great pain, I have to state following
Yesterday, I had met with Sri Piyush Hajela, Sri Ajay Kumar & Sri Krishna Prasad of the same division of SBI, Hyderabad Kachiguda in case of M/S Shivaani Alloy Steel Casting Ltd. I want for resolution as per our model wherein we bring equity to revive the unit and I send the email outlining the way forward.
Instead of understanding the way forward, they have asked the Shivaani Alloys Steel Casting Ltd to give the written proposal.
As general commercially & Socially accepted the way of resolution is having a preliminary discussion where we try to understand the logic of both parties involved and certain barriers of each other and work out a possible solution which can be acceptable by both.
But the approach by the officials taken is like an earlier avatar of stress management department.
I have to walk away with the very heavy heart as the meeting with DMD & DGM are 180’ apart.
Let the vertical change the attitude otherwise MSME NPA will not get resolved and chock the legal system for many more years and all stakeholders will be losers.