INDIA'S largest lender State Bank of
India (SBI) will resume next month the mega e-auctions for
properties. The bank acquired such properties from borrowers
following defaults.
The bank carried out similar auction in
March 2015, which was, however, not a big success.
Now, the bank will hold separate...
auctions for retail (predominantly residential units) and commercial
properties.
In March, SBI’s e-auction for
properties worth Rs 1,200 crore couldn't enthuse investors and it
could sell only 124 properties of the 350 put on sale and the bank
could realise only about Rs 90 crore.
The response for industrial and
commercial properties was also not up to expectations.
This was first effort by the lender to
hawk properties on large scale. While lender has been able to contain
fresh slippages, it is struggling to dispose of distressed properties
through auction.
The fourth quarter ending March being
last quarter of financial year is crucial for recovering dues to
bolster the bottom-line.
SBI had put on block properties,
including offices, shops, factory buildings and residential
apartments spread across 25 cities after it had put out a public
notice on Thursday.
Meanwhile, SBI has introduced
Contactless Debit Card and SBI Signature Contactless Credit Card for
quick, secure and hassle free payments at merchant outlets.
Contactless Cards use the near-field
communication (NFC) technology to make payments by waving or tapping
the card near the contactless reader instead of swiping or dipping.
These cards will replace the use of cash at retail establishments
like convenience stores, petrol stations and super markets where
speed and convenience are important. Credit Card will have fraud
liability cover of Rs 1,00,000.
Currently, the ceiling on amount per
tap (transaction) is Rs 2,000 and SBI has approached Reserve Bank of
India to increase ceiling to Rs 5,000 per transaction.
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