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Report: Andhra Bank, Allahabad Bank to sell 60B rupees of bad loans

Allahabad Bank and Andhra Bank are planning to sell bad loans worth 60 billion Indian rupees as part of efforts to clean up their loan books, The Economic Times reported June 5.

Andhra Bank is looking to sell 100 accounts with bad loans of about 40 billion rupees, while Allahabad Bank is planning to sell 73 accounts holding 20 billion rupees of bad loans.

About two dozen asset reconstructions companies are expected to take part in the bidding for the bad loans, the report cited two bank executives as saying.

The asset reconstructions companies will be required to pay at least half of the purchase price in cash and the rest in security receipts, under norms revised by the Reserve Bank of India.

As of June 2, US$1 was equivalent to 64.26 Indian rupees.