Mumbai : Indian Overseas Bank (IOB) has invited initial bids from asset reconstruction companies, banks, financial institutions, and non-banking finance companies for the proposed sale of five non-performing assets worth Rs 383 crore, the lender said in a notification, reports Cogencis.
The bidding entities have to complete the due diligence on these loans by July 29, and the last date of submission of bids is August 7. As of the end of March, bank’s gross bad loans ratio was at 22.39 per cent, sharply higher than 17.40 per cent a year ago, while the net bad loans ratio was at 13.99 per cent, up from 11.89 per cent a year ago.
