Indian Overseas Bank plans to sell 92 NPA loan accounts worth Rs 13,500 cr

The Sale will happen on a portfolio basis in two lots through e-auction under the open auction method.
Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts.
Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts.

NEW DELHI: Chennai-based Indian Overseas Bank has planned to sell 92 NPAs loan accounts collectively amounting to an aggregate book outstanding of R 13,471.68 crore. The Sale will happen on a portfolio basis in two lots through e-auction under the open auction method.

The first lot of auctions will have 46 accounts financed under consortium arrangements, 3 accounts under multiple banking arrangements, with the remaining 2 accounts being sole banking ventures. Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio will have 41 sole banking accounts.

The Chennai-based bank has invited interested Asset Reconstruction Companies (ARCs) and other eligible buyers to submit Expressions of Interest (EOI) by 13 May 2024, to participate in the forthcoming e-auction scheduled for 28 May 2024. Detailed information regarding the list of accounts and terms of sale can be accessed via the sale notification available on the bank’s website.

Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts. This endeavour has yielded a notable decline in our Gross NPA (GNPA) levels, plummeting from 11.69% as of 31 March 2021, to 3.90% by 31 December 2023.

IOB has diligently implemented timely recovery measures, including SARFAESI actions, Compromise Settlement Schemes and sale to ARCs, resulting in enhanced recovery outcomes.

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