SBI auction seizure of property worth Rs 1200 CR

          In what has become a state-run auction of the season, the State Bank of India will be conducted on Saturday 26 cities across India, the largest auction seized property worth Rs 1200 crore towards convertibility of its bad debts.

More than 350 properties, including warehouses, offices, residential buildings and shops will be offered to potential buyers through electronic auctions.

Loan defaults confiscated properties located in New Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Pune, Bangalore, Ahmedabad, Lucknow, Aurangabad, Bhuwaneshwar, Indore, Cochin, and that Nagpur, Patna, Cuttack, Hyderabad, Baroda, Varanasi, Siliguri, Raipur, Allahabad, Burdwan, Kanpur, Varanasi and Ludhiana
Conducting electronic auctions of three platforms Magicbricks.com, e-procurement technology Co. and C1 (India) Ltd.

         SBI currently has Rs.60,000 crore ($ 10 billion) dollars in bad loans, this figure is still growing.

Meeting here on Wednesday called Finance Minister Arun Jaitley to review the performance of public sector banks and senior officials to discuss non-performing assets (non-performing assets) to deal with the rising or distressed loan problem.

Non-performing assets of public sector banks will rise to 5.33 percent of total advances in September 2014, from 4.72% in March 2014 to stop the project has increased banks` bad assets.

According to the latest economic survey ministry`s, stalled projects, amounting to Rs.880,000 crore worth at the end of December.

SOURCE : WEB