NEWS & ADVICE : SAVINGS ACCOUNTS
E-auction for bank’s NPA properties likely in FY14
By Neelima Shankar
Apr 16, 2013
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There is likely to be one lakh e-auction transactions of properties of non-performing assets in financial year 2013-14, according to NPAsource.com, an online portal that auctions stressed assets.

With the Ministry of Finance making it mandatory for all commercial banks to move from physical auctions to e-auction mode for all NPA cases under the Debt Recovery Tribunal, there will be a spurt in e-auctions in 2013-14, the portal said in a statement.

NPAsource.com expects residential and agricultural properties to account for the largest number to be sold through the e-auction route in terms of transactions.

As on March 31, 2013, the portal NPAsource.com had over 23,000 registered properties worth over Rs 21,000 crore.
The Ministry of Finance also wants that NPA under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFEISI) Act should gradually move to the e-auction mode.

Amid increasing pressure of rising bad loans, the focus of most banks now is on recovering dues from bad loans as it has started impacting their profitability and margins.

"As on March 31, 2012, net NPAs of 40 listed banks were Rs 61,558 crore, which rose to Rs 92,398 crore as on December 31, 2012," the portal said.


 


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