Banks have failed to meet the 31 March deadline to transfer Rs 50,000 crore of bad loans to the National Asset Reconstruction Co (NARCL) due to procedural delay, Union Bank of India chief executive Rajkiran Rai said.

The first tranche is likely to be completed by the end of April, added Rai. But the financial due diligence for some of the accounts got delayed.

The first phase was to have Rs 50,335 crore from about 15 accounts transferred. Banks are looking to transfer Rs 82,845 crore from 38 non-performing accounts to NARCL in a phased manner.

Since there were a lot of rules and regulations that were to be followed, the process is taking some time. “Till 31 March, all the capitalisation parts had to happen. Private banks needed some approvals to come in. The capital has come in and it (NARCL) is 100% capitalised in accordance with the plan,” said Rai.

Rai also said the appointment of a full-time CEO at NARCL would happen soon.

State Bank of India chief general manner PM Nair is on deputation and is currently managing the affairs of NARCL.

A team is working on the process of identification of bad loan accounts. Mostly they are on deputation from different banks, Rai said.