At the auction, the bank will try to sell
offices, shops, apartments and factory buildings located in nearly 40 cities.
Country’s largest lender State Bank of India
(SBI) on June 5, 2016 said it will be selling its distressed assets through an
online auction on June 12, 2015
This is the second e-auction which the bank will
be conducting in this year after its maiden attempt in March.
SBI, in a public notice on Friday, said it will
be conducting a mega e-auction of distressed residential and commercial
properties on June 12, 2015.
At the auction, the SBI will try to sell offices,
shops, apartments and factory buildings located in about 40 cities.
In a similar auction held on March 14, 2015 the
bank had put on auction 300 residential and commercial properties worth about
Rs. 1,200 crore.
However, the bank could sell only around 130
properties, which were largely residential, realising just about Rs. 100 crore.
Last month, SBI chairman Ms. Arundhati
Bhattacharya had said that the bank would continue to hold such e-auctions
every quarter.
“We have decided to hold e-auction of distressed
properties every quarter separately for retail properties meaning mostly
residential ones and for commercial properties.
Such actions will happen in the middle of the
last month of every quarter,” she had said.
For the March quarter (2014-15), SBI’s gross non-performing
assets improved to 4.25% from 4.95% in the same period last year, while net
NPAs improved to 2.12% from 2.57% from the year-ago period.
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