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Indian Overseas Bank to sell 8B rupees of repossessed properties

Indian Overseas Bank will hold an online auction for over 500 repossessed properties worth more than 8 billion rupees, Business Standard reported Oct. 16.

The India-based lender is partnering with online platform Magicbricks to e-auction properties in two phases in October. The properties are across Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad, the report added.

As of Oct. 15, US$1 was equivalent to 71.49 Indian rupees.