It is expected that the scheduled e-Auctions of 4,000 properties will substantially add to the overall recovery tally of Punjab National Bank (PNB) "

PNB statement

PNB to put more than 4000 properties on e-auction

To achieve recovery figure of Rs 26,000 crore

Thesynergyonline Banking Bureau

NEW DELHI, FEBRUARY 13 : : As part of its endeavour to achieve recovery figure of Rs.26,000 crore in the current Financial Year 2018-19, Punjab National Bank (PNB) has decided to place more than 4000 properties all over India on e-auction as a part of recovery measure according to The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) , an action initiated by the bank.

  • All Indian citizens and corporates can participate in the auction.
  • The last date to participate or submit EMD differs for each auction.
  • Properties of all kind- commercial including industrial/factory land and building, residential, vacant plot etc. are being put on auction.
  • These properties are located pan-India and interested parties can visit the bank's website www.pnbindia.in and bank's e-auction portal- www.pnbindia.biz, to get further details about every property available for auction.
  • The bank recently announced its financial results for the third quarter of FY 19, in which bank returned to profitability after 3 quarters.

    The bank has upto December 31 , 2018 already achieved recovery level of Rs 16,600 crore. It is expected that the scheduled e-auctions of these 4000 properties will substantially add to the overall recovery tally of the bank.

PNB has already
recovered
Rs 16,000 crore

PNB, which has already recovered Rs 16,000 crore of NPAs, expects to meet its guidance on recovery for the full year and has improved its asset quality significantly. Customers also continue to repose their faith in the bank and domestic deposits have risen to Rs 6,30,646 crore by end of December '18.

The gross NPA ratio declined to 16.33per cent in December 2018 from 18.38 per cent in March 2018 and net NPAs fell to 8.22 per cent in December 2018 from 11.24 per cent in March 2018.