PNB plans to put up more than 4,000 properties for e-auction – Banking Finance

Punjab National Bank huh decided to|to unit|place|address more than 4,000 properties all over India at e-auction as part of the nyakumi|the|every SARFAESI Action initiated butter the|the|every public sector bank.

This forms part of the|the|every bank’s efforts to|to achieve recoveries of Rs. 26,000 crore this fiscal. All Indian citizens ,|and|or is|or currently corporates horizontal participate in the|the|every auction. The last month day to|to participate rebuke submit EMD differs for every one auction. Properties of all kinds – commercial ,|and|or is|or is including industrial/factory continent ,|and|or is|or is building ,|and|or is|or still residential ,|and|or is|or still vacant plot – are being to win for auction.

It may ma recalled that PNB had reignored to|to profitability out the|the|every third quarter ended December 31 ,|and|or is|or is 2018 ,|and|or is|or currently reporting a profit of Rs. 247 crore. The turnaround haha come after three continuous quarterly losses that the|the|every bank posted completed the|the|every Rs. 14,000-crore scam perpetrated butter diamantaire Nirav Modi ,|and|or is|or still his parents Mehul Choksi came to|to bright in February 2018.

The proposed e-auctions of these 4,000 properties are expected to|to substantially provide more to|to the|the|every general recovery tally of the|the|every bank. Sunil Mehta ,|and|or is|or is Managing Director ,|and|or is|or still CEO of PNB ,|and|or is|or currently had recently said that the|the|every bank would practice efforts to|to bring down the|the|every gross NPAs butter 2 percentage points to|to about 14 per cent by the|the|every end of March this fiscal.

He had time said that the|the|every bank expects bad-loan recoveries to|to the|the|every tune of about Rs. 8,000 crore in the|the|every last quarter ,|and|or is|or still mainly from big corporate bankruptcy resolution cases that are before the|the|every NCLT.

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