IOB to offload 46 NPA accounts valued at Rs 11,500 crore in latest sale - PRESS AI WORLD

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IOB to offload 46 NPA accounts valued at Rs 11,500 crore in latest sale

1 year ago

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IOB to offload 46 NPA accounts valued at Rs 11,500 crore in latest sale

Credited from: INDIATIMES

Indian Overseas Bank (IOB) has announced the sale of 46 NPA accounts worth Rs 11,500 crore.
This sale follows a previous initiative where IOB offered 91 NPA loans valued at Rs 13,471 crore in March of last year.
The fresh NPA accounts include notable names like Videocon, LANCO, and Jet Airways, inviting expressions of interest from asset reconstruction companies (ARCs).
The sale, set to occur via e-auction, has a reserve price of Rs 2,290 crore on a cash basis.
IOB's gross NPA ratio has significantly decreased from 11.69% in March 2021 to 2.72% as of September 2024.

For full details, visit the original article here.

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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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