IOB adopts multi-pronged approach to ensure recovery from NPA accounts

Public sector Indian Overseas Bank has made concerted efforts for a reduction in Non-Performing Accounts and has adopted a multi-pronged approach to ensure a maximum recovery from such accounts.

The measures taken by the city-headquartered bank have yielded a decline in Gross NPA to 3.90 per cent as of December 31, 2023, from 11.69 per cent recorded as of March 31, 2021, the bank said in a statement here.

To sustain and bolster this momentum, the bank has published a sale notification that pertains to the sale of 92 NPA loans, aggregating to an outstanding due of Rs 13,471.68 crore.

"Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts. IOB has diligently implemented timely recovery measures including Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) actions, Compromise Settlement Schemes, and sale to Asset Reconstruction Companies," the statement said.

Indian Overseas Bank has invited Asset Reconstruction Companies to take part in the forthcoming e-auction scheduled to be held on May 28 and details about the list of NPA accounts will be available on its website www.iob.in, it added.