Chennai-based Indian Overseas Bank plans to auction 92 non-performing loan accounts, collectively amounting to ₹13,471.68 crore. Split into two lots, the auction will be conducted through e-auction, inviting interested Asset Reconstruction Companies and buyers. The bank’s efforts to reduce NPAs have led to a significant decline in Gross NPA levels, from 11.69% in March 2021 to 3.90% by December 2023. Various recovery measures, including SARFAESI actions and Compromise Settlement Schemes, have contributed to improved recovery outcomes. Expressions of Interest are welcomed by May 13 for the auction scheduled on May 28, 2024.
Indian Overseas Bank to Auction NPAs Worth ₹13,471.68 Crore
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