Now, track non-performing assets online

MUMBAI, INDIA: Non-performing assets (NPA) are always considered a big burden on the economy and its progress. However, keeping track of such assets still remains a daunting task.

Addressing this key issue, an Ahmedabad-based firm Atishya Technologies Private Limited has developed and designed one of its kind portal — NPAsource.com.

“Atishya Group had an idea to create a platform which can be helpful to all (banks, investors, borrowers, lenders, facilitators, etc) because there was no such platform available to get information at one place,” says Devendra Jain, chairman and managing director of NPAsource.com.

“We thought about NPAsource.com in April 2011 and started to work on the portal from May 2011. After conducting surveys in different parts of India as pre launches, NPAsource.com was finally launched on August 19, 2011,” adds Jain.

The portal was built in-house with a 10-member technical team. However, an investment of Rs. 90-100 lakh was made towards technology, human and other resources. It is hosted on a dedicated datacenter at Ahmedabad and protected by a level 3 security standard.

Over 100 marketing teams visit banks, financial institutions and direct recovery teams daily across India to collect information about NPA which is then uploaded onto the website.

This information on the portal is used by banks, financial institutions, non-banking financial corporations (NBF), direct recovery teams, board for industrial and financial reconstruction (BIFR), high courts, official liquidators, auctioneers and others.

The portal offers search option for tracking details of NPA across locations as well as provides auction notices.

“Anyone can view the limited information without any cost. But for viewing all the detailed information and analysis or reports, he or she has to register with the portal and pay some minimal charges,” explains Jain.

Presently, the portal has around 20,000 users, including corporate and institutions.

However, he stresses, “Our vision is very clear that we want to be a global portal in terms of NPA resolution of global banks.” “As per our projection we are expecting around 70,000 users by 2014.” In terms of revenue, the portal has three sources — investors’ login, facilitators’ listing and space selling.

“As a unique concept, it offers value to banks and financial institutions and it will take about 2 years to generate high revenue,” says Jain.

NPAsource.com will start its operation next month in Dubai and USA. Besides, Jain informs that the site will expand its presence in New Delhi, Bangalore and other Indian cities under a franchisee model by the end of this fiscal.