The first e-auction for distressed properties will take place in mid-June
State Bank of India on Thursday said it has decided to hold e-auctions of distressed properties in the middle of the last month of every quarter, according to a media report.
The first e-auction for distressed properties will take place in mid-June. The Bank has decided to conduct e-auction of distressed properties every quarter separately for retail properties.
SBI will hold these auctions in the middle of the last month of every quarter. Thus, mid-June will see a new auction.
These properties came to SBI as they were collaterals plegded by borrowers for housing or other business loans. But the borrowers defaulted on repayment, forcing the bank to take over them under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The first e-auction for distressed properties will take place in mid-June. The Bank has decided to conduct e-auction of distressed properties every quarter separately for retail properties.
SBI will hold these auctions in the middle of the last month of every quarter. Thus, mid-June will see a new auction.
These properties came to SBI as they were collaterals plegded by borrowers for housing or other business loans. But the borrowers defaulted on repayment, forcing the bank to take over them under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
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