1 week ago
86
Indian Overseas Bank (IOB) said it had initiated multi-pronged steps to sell 92 non-performing assets in two lots through e-auction under the open auction method to recover ₹13,472 crore.
The public sector lender said in a statement that it had published a sale notification to recover maximum amount from the NPA accounts .The earlier measures taken by the bank had resulted in reduction of GNPA from 11.69% as of March 2021 to 3.9% in December 2023.
The first portfolio encompasses 46 accounts financed under consortium arrangements, three accounts under multiple banking arrangements, and the remaining two sole banking ventures.
Further, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio consists of 41 sole banking accounts.
IOB has asked interested asset reconstruction companies and other eligible transferees to submit Expressions of Interest by May 13 to participate in the forthcoming e-auction scheduled for May 28. Detailed information regarding the list of accounts and terms of sale can be accessed via the sale notification available on the bank’s website www.iob.in.
