IndusInd Bank is reportedly in advance talks to acquire non-performing assets (NPAs) worth Rs 1,000 crore of the ailing micro lender Spandana Sphoorty Financial. The deal if completed will help Spandana come out of corporate debt restructuring (CDR). Spandana needed to restructure its debt following the Andhra Pradesh microfinance crisis, triggered by reports of suicides of some over-indebted people in 2010 that led to many MFIs going bust as borrowers stopped repaying loans.
Induslnd Bank caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2016, Induslnd Bank has 1,000 branches, and 1800 ATMs spread across 623 geographical locations of the country.
