Electronic auctions of banks’ non-performing assets spreads to tier-2, tier-3 cities

MUMBAI: Electronic auctions of banks' NPA (non-performing asset) properties have spread to tier-2 and tier-3 cities. Over 50% of e-auctions of properties come from smaller cities like Jabalpur, Chandrapur, Aurangabad, Bhilwara, Hubli, Dharwad, Erode, Dharmapuri, Bhavnagar, Valsad, Gandhidham, Ujjain, Kannur, Kolhapur and Satara, amongst others. Even tractors have been successfully sold by banks through the e-auction route.

This trend was reported by NPAsource.com on Tuesday, coming out of the 500 plus NPA property e-auction transactions undertaken over the last ten months.

DK Jain, of NPAsource.com, said, "Contrary to the belief that major users of technology are from big cities only, we found significant participation in e-auctions of NPA properties from tier-2 & 3 cities. It is also interesting to find that due to various factors, the average realization based on base price from smaller cities has often been higher than the realisation in case of metros and other major cities."

Gross non-performing assets (NPAs) of 40 listed banks has shot up by 35.2% or Rs 63,386 crore for the nine months ending December 2013 to cross the Rs 2.4 lakh crore mark.

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