State-owned managing director AK Goel on Friday said the lender is targeting recovery of around Rs 32,000 crore from bad loans resolution in the current financial year. The recovery in each quarter would be more than slippery, he said, adding that the bank’s total recovery during the first quarter stood at Rs 7,057 crore. The slippage during the same period was Rs 6,468 crore.

“We expect recovery of Rs 8,000 crore every quarter and will ensure that its recovery exceeds the fresh slippages,” he said.

He said at least Rs 32,000 crore would be recovered during the entire financial year, including Rs 6,506 crore from earlier cases. National Company Law Tribunal ,NCLT,

He also said that the bank is considering raising the interest rate on foreign currency non-residents (banks). [FCNR(B)] Deposit.

The Asset Liability Committee (ALCO) of the bank will meet on Saturday, in which a decision will be taken on increasing the rate.

Some banks have already increased the interest rate on FCNR (B) reserve Bank of India ,reserve Bank of India) allowed banks to increase the rate for a limited period to encourage inflow of foreign funds.

On interest rates, Goyal said he believes deposit and lending rates may increase by 40-50 basis points by March 2023.

With regard to capital, he said the board has approved a capital raising of Rs 12,000 crore. Of the total amount, Rs 5,500 crore will be for AT1 and the remaining Rs 6,500 crore will be for Tier-II capital.

The bank has a comfortable capital adequacy of 14.80 per cent against the regulatory requirement of 11.5 per cent.

On the digital banking units announced in this year’s budget, Goyal said the bank has been allotted eight branches out of 75 and all eight will be operational from July 31.