Mumbai, June 08: As part of its efforts to reduce non-performing assets (NPAs), LIC Housing Finance Ltd (LICHF) has set up a dedicated taskforce to focus on default management, including recoveries, even as the entity plans to raise $50 million through overseas borrowings. "Our target is to reduce net NPAs from 3.22 per cent (Rs 250 crore) to 2.5 per cent in the current fiscal and hence we have formed this dedicated workforce", LICHF director and chief executive S C Jain said here on Sunday.

As of now, the company has roped in 145 employees in this team, which covers the area and regional offices, he said.
LICHF, which is promoted by Life Insurance Corporation, has also appointed 169 default recovery agents (DRAs) from various agencies for handling recovery operations, he said.
Earlier the company had adopted a soft approach towards defaults upto six months but now the entity has tightened its policy and has commenced taking note of default of even one month, he explained. Bureau Report