IOB to offload 92 NPA accounts worth Rs 13,472 cr loan outstanding

The public sector lender has invited expressions of interest (EOI) from asset reconstruction companies (ARCs) and other eligible transferees to participate in the auction process. The deadline for submitting EoIs is May 13.

IOB to offload 92 NPA accounts worth Rs 13,472 cr loan outstanding

New Delhi: Indian Overseas Bank (IOB) has announced that it will conduct an e-auction on May 28 to sell off 92 non-performing loans. These loans have an aggregate outstanding amount of Rs 13,471.68 crore.

The public sector lender has invited expressions of interest (EOI) from asset reconstruction companies (ARCs) and other eligible transferees to participate in the auction process. The deadline for submitting EoIs is May 13.

Read Also : HPCL and Oil India sign MoU to explore energy sector

Indian Overseas Bank has announced the sale of 92 NPA loans, totalling Rs 13,471.68 crores, through e-auction under the open auction method. The sale will be conducted in two lots on a portfolio basis.

The first portfolio comprises of 46 accounts that were financed under consortium arrangements, three accounts under multiple banking arrangements, and two accounts that were solely financed by the bank. The bank made this announcement through a statement.

Read Also : RBI launches three major initiatives

Additionally, the portfolio includes 38 accounts that are currently under the jurisdiction of NCLT.

The second portfolio comprises 41 accounts that are solely under the bank's control. Interested Asset Reconstruction Companies (ARCs) and other eligible parties are invited to submit Expressions of Interest (EOI) by May 13, 2024, to participate in the upcoming e-auction scheduled for May 28.

It is worth noting that the bank's Gross NPA (GNPA) levels have dropped significantly from 11.69 percent as of March 31, 2021, to 3.90 percent as of December 31, 2023.

Read Also : Rail Vikas Nigam Limited emerges as the Lowest Bidder from North Central Railway