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Bank of Baroda to sell 29.54B rupees of bad loans

India's Bank of Baroda is seeking bids for 29.54 billion rupees of nonperforming assets.

The state-run bank is looking to sell 13 nonperforming accounts. Interested buyers have until June 15 to express their interest.

The sales will only be done on cash terms basis, the bank said.

The announcement came days after Bank of Baroda reported a net loss for the quarter ended March 31 amid higher provisions. It reported stand-alone provisions for nonperforming assets of 70.53 billion rupees, up from 24.25 billion rupees in the prior-year quarter.

As of May 28, US$1 was equivalent to 67.43 Indian rupees.