Indian Overseas Bank announces e-auction for Rs 13,471.68 crore NPA portfolio

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

IOB has diligently implemented timely recovery measures, including SARFAESI actions, compromise settlement schemes and sale to ARCs, resulting in enhanced recovery outcomes. Additionally, bank has proactively engaged with our Panel Advocates to expedite resolutions and initiate personal insolvency proceedings where applicable.

Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join

To sustain and bolster this momentum, IOB has published sale notification pertains to the sale of 92 NPA loans, collectively amounting to an aggregate Book Outstanding of Rs 13471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method. The first portfolio encompasses, 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 consists of 41 sole banking accounts.

Interested Asset Reconstruction Companies (ARCs) and other eligible transferees are cordially invited to submit Expressions of Interest (EOI) 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). For more details prospective participants are requested to visit the Bank's website (www.iob.in) and navigate to the TENDERS section, ARC-Cell, where the notification dated 04.05.2024, is displayed.

Disclaimer: This story is a press release and is being published without any editing, except the headline, by the PSU Watch desk.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)