Indian Foreclosures / Bank Auctions activity is transparent and emerging – Canara Bank’s new Trend in resolving NPA’s with Mega e auctions

Posted in Updates on Oct 28, 2017

Foreclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, UBI, OBC, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, IOB, Karnataka Bank, ING Vysya Bank, CUB, Religare ARC, IARC etc. for selling non-performing assets though BankAuctions.IN.

HYDERABAD, India – Nov. 11, 2015 – PRLog — Foreclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, Union Bank of India, Oriental Bank of commerce, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, Indian Overseas Bank, Karnataka Bank, ING Vysya Bank, City Union Bank, Religare ARC, International ARC, etc. for selling non-performing assets though BankAuctions.IN. Indian Foreclosures / Bank Auctions Market is transparent and emerging. Foreclosureindia.com is a market place for BankAuction properties in India since Nov 2009. It is the first of its kind internet portal that helps the buyers of property in getting the free access to all Auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. It also gives people a cheaper alternative to the conventional properties from builders and individuals. Gross non-performing assets of banks in India as on March 2015 stood at 5.17 per cent, while the stressed assets ratio stood at 13.2 per cent, which is nearly 230 bps more than that for the system. Going through the details of annual financial results of public and private sector banks (including old private banks) for 2014-15, it may be noted that the gross non-performing assets (GNPA) of 26 public sector banks (including 19 nationalised banks, State Bank of India and its associates and IDBI) have risen by 22.5 per cent to Rs.2.78 lakh crore against Rs.2.27 lakh crore in the previous financial year. According to Ministry of Finance, Government of India directives issued during March 2013, all auctions of immovable properties, under SARFAESI Act, 2002, may be carried out through E-Auctions to ensure a free, fair and transparent process. All DRT’s are conducting E-Auctions to sell NPAs. E-auctions of non-performing assets under SAFAESI act 2002 were started by 27 Banks & Financial Institutions in Nov 2013 with 1301 live properties. In a span of two years, another 47 Banks started conducting e-auctions of non-performing assets and the number of live e-auctions increased to 3325 in Nov 2015 from 1301 during Nov 2013. Banks and Financial Institutions are conducting these time based e-auctions through third party e-auction service providers. There are seven e-Auction service providers available in India. “E-publicity” / Digital publicity for foreclosure properties / Bank Auction properties is being done throughforeclosureindia.com for selling properties. Recently, as a special drive, some of the Banks like State Bank of India, State Bank of Hyderabad and its associates have conducted Mega E-auctions duly making wide publicity. Mega e-auction means all the regional offices and zonal offices etc of that Bank are issuing e-auction notices at a time and conducting the e-auction on one particular day duly following rules. Similarly, now Canara Bank, is conducting Mega e-auction for selling of 1178 properties across India. All these properties details are available at foreclosureindia.com.