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PNB to e-auction 4,000 properties to recover loans

PNB to e-auction 4,000 properties to recover loans
New Delhi, Feb 13 (IANS) Lending major Punjab National Bank (PNB) on Wednesday said that it has decided to place more than 4,000 properties all over India on e-auction as part of its loan recovery effort.

According to the bank, the action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI) will help in achieving the recovery of Rs 26,000 crore during current Financial Year 2018-19.

The bank has up to December 31, 2018 recovered Rs 16,600 crore.

"It is expected that the scheduled e-auctions of these 4,000 properties will substantially add to the overall recovery tally of the bank," the company said in a statement.

 

Recently, the state-owned lender reported a net profit of Rs 247 crore for the third quarter ending December 2018 over the Rs 230 crore profit after tax (PAT) reported for the corresponding quarter of 2017-18.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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PNB to e-auction 4,000 properties to recover loans

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Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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