ICICI Bank to auction pledged gold to recover loans
By Vaibhav Aggarwal
Apr 16, 2013
Print    Email    RSS   

Country's largest private sector lender, ICICI Bank will auction pledged gold jewellery weighing 11 kg, pledged by more than 150 borrowers, who have defaulted on their payments.

The auction would be conducted by the ICICI bank's branches in Uttar Pradesh, Bihar and Uttarakhand from April 18-22, 2013 for gold jewellery deposited by about over 150 customers as collateral for their loans, the bank said in a public notice last week.

While neither the exact value of the gold ornaments being auctioned nor the outstanding loans could be ascertained, an equivalent amount of gold would be worth over Rs 3 crore at current prices.

At present, gold prices have hit a one-year low at Rs 28,350 per 10 gm.

The notice further said, "In the event any surplus amount is realised from this auction, the same will be refunded to the borrower concerned, and if there is any deficit post the auction, the balance amount shall be recovered from the borrower through appropriate legal proceedings."

The bank said the auction would take place at ICICI Bank branches in areas, including Allahabad, Meerut, Kanpur, Agra, Rudrapur, Varanasi, Dehradun, Bhagalpur and Patna.



(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Effect of employment on loan eligibility...
Personal loans in India: Features and...
Personal loan EMI calculator from RupeeTimes
Manage your loans, avoid recovery agents
Bank loans that could glitter for you

9164145714 Rajesh -AD NUMBER BOOKING 100% REAL GIRLS
to know the account number
What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan
i need my personal loan track statement

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive