Indian Overseas Bank (IOB) has planned to sell 92 non-performing loans with an aggregate outstanding of Rs 13,471.68 crore through an e-auction on May 28. The public sector lender invited expressions of interest (EoI) from asset reconstruction Companies (ARCs) and other eligible transferees by May 13 to participate in the auction process.
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.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
