Bank of Baroda puts 275 properties under auction
Public sector Bank of Baroda has put 275 commercial and residential properties across India under auction. According to notice on the bank’s website the sale has been announced by the non performing asset (NPA) recovery and legal, appellate authority. The total reserve price for these properties is more than Rs 400 crore and the last data for submission is on 25th September. The online bids for these properties will be done between 1 pm and 3 pm on 26th September the notice said.
These properties are residential, commercial and agricultural land and premises which the bank has likely taken as collateral. The final price for these auctions is likely to be much higher than the reserve bank.
The move is a fresh attempt to clean up the bank’s books as the bank’s gross non-performing assets (NPAs) or bad loans rose to Rs 46,172.77 crore as on June 30, 2017 or 11.40% of total advances, up from Rs 42,991.68 crore of 11.15% of advances as on end-June 2016. In the quarter ended June 2017 the bank’s net profit halved due to higher provisioning.