Banks putting property on the block to recover dues

By Accommodation Times News Service

To recover the pending dues banks have put the properties worth Rs. 20,000crore on the block in the past 18 months. These properties include residential apartments, commercial and industrial lands and also factories.
A separate portal called NPAsource.com is dedicated to the resolution of non-performing assets of banks and financial institutions has registered almost 21,470 properties across Indian cities. These properties are mostly mortgaged by small businessmen traders and individuals against the bank loans. According to the data sourced by the portal, the highest number of properties is registered in Maharashtra, West Bengal, Andhra Pradesh and metro region.
Bankers said selling mortgaged properties is one way through which lenders recovered loans and improved credit quality. To name willful defaulters many banks including the SBI have decided to publish their photographs and details in newspaper. Lenders said legal notice was being sent to borrowers who were deliberately not repaying loans despite a high net worth.
The government has made it very clear we should step up for recovery efforts. Banks are too working out vey effectively.







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