Bank of India puts on sale 50 corporate NPAs with Rs 55.57 bn outstanding

Public sector lender Bank of India (BoI) has put on sale 50 corporate non-performing assets (NPAs) with outstanding of Rs 55.57 billion in a bid to clean up books.

The bank’s executives said the bad loans were being offered for sale on “100 per cent cash basis” only. The aim is to conclude the sale before the end of September to get the benefit of reduction in NPAs and better recoveries in the second quarter (Q2 FY19).

The Mumbai-based lender is under the Reserve Bank of India’s prompt corrective action (PCA) framework due to high rate of bad loans. PCA puts certain