State Bank of India (SBI), India's largest public sector bank will auction NPAs (Non-Performing Asset) worth Rs 700 crore in the month of November to recover its dues from those borrowers. There will be three auctions in the month and the total amount outstanding is Rs 700.34 crore, according to SBI`s auction plan.
Ludhiana-based Regency Aqua Electro & Hotel Resorts Pvt. Ltd. and Kolkata-based Lovely International Pvt. Ltd. will be auctioned on November 18 while on November 29, the e-auction will take place of Sankalp Engineering & Pvt. Ltd. and Anjanay Rice Mill Pvt. Ltd. among others.
Requirements for participating in e-Auction
- EMD for the particular property as mentioned in the e-Auction notice.
- KYC Documents - to be submitted to the concerned Branch.
- Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
- Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
- Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.
Apply before 5th of November
To participate in auction under State Bank of India's SBI Mega E-Auction Scheme you will have to apply by November 05. Under this auction, the property can be purchased in any corner of the country.
How to Register as a bidder
According to the information given by the bank, to participate in this auction, you must first register by visiting two websites issued by the bank at http: //sbi.auctiontiger.net or https://bankeauctions.com Have to do it. Property details were also given on these websites where you can choose the property of your choice.
SBI Mega E-Auction Scheme:
On November 7, e-auction of Bhopal-based Bhatia Global Trading Limited (BGTL) which has due of Rs 177 crore. It will be among several other assets is scheduled to be auctioned that day. As per Bank`s revised Policy on Sale of Financial Assets, SBI places accounts for sale to ARCs/ Banks/ NBFCs/ FIs, on the terms and conditions indicated there against.
All these accounts are to be auctioned under "Swiss Challenge Method", based on an existing offer in hand, who will have the right to match the highest bid.
In the latest Q2 results, SBI`s Fresh slippages halved to Rs 8,800 crore from Rs 16,000 crore on a quarterly basis.
The asset quality of the bank improved with gross non-performing asset (NPA) ratio coming in at 7.19 per cent, down 276 bps yearly and 34 bps sequentially. Net NPA ratio was at 2.79 per cent, down 205 bps YoY and 28 bps QoQ. The bank was holding total provisions of Rs 22,399 crore, which was 89.63 per cent of total outstanding, as of September 30.
(With IANS inputs)
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