• According to the bank, the action will help in achieving the recovery of Rs 26,000 crore during current FY 2018-19.
New Delhi: Punjab National Bank (PNB), one of the leading public sector banks on Wednesday has stated that it has chosen to put more than 4,000 properties on e-auction all over India as portion of its loan recovery effort, reported by IANS.
As per the bank, activity under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI) will offer assistance in accomplishing recovery of Rs 26,000 crore amid current Financial Year 2018-19.
The bank has up to 31 December 2018 recovered Rs 16,600 crore.
"It is expected that the scheduled e-auctions of these 4,000 properties will substantially add to the overall recovery tally of the bank," the bank said in a statement.
As of late, the state-owned lender reported a net profit of Rs 247 crore for the third quarter ending December 2018 over Rs 230 crore profit after tax (PAT) reported for corresponding quarter of 2017-18.
(With agency input)