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Bank Auction Sale Of Properties Are Incresing In India

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					Bank Auction Sale Of Properties Are Incresing In India.

The Debt Recovery Tribunals have been established by the Government of India under an
Act of Parliament (Act 51 of 1993) for expeditious adjudication and recovery of debts
due to banks and financial institutions and they are auctioning some properties.
Subsequently With an aim to provide a structured platform to the Banking sector for
managing its mounting NPA stocks and keep pace with international financial
institutions, the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest (SARFAESI) Act 2002 was put in place to allow banks and Financial
Institutions (FIs) to take possession of securities and sell them. Various Banks, State
Financial corporations , and Asset Reconstruction companies are auctioning their Non
performing assets, i.e housing properties, commercial properties and Industrial properties
under SARFAESI act 2002.

Public Sector Banks are shifting to new system called Core Banking System (CBS),
which automatically processes and updates transactions, helping identify NPAs on a daily
basis, as against the current system where most transactions are managed manually,
leaving scope for slippages. As a result of this the NPAs of some banks are expected to
increase by as much as 150%. According to latest data from the Reserve Bank of India,
the gross non-performing assets of state-run banks touched 68,597 crore at the end of
December 2010, an increase of 27% from a year ago.

Ours is an Internet portal publishing all the Bank auction property listings since
December 2009 and we are the only one providing such information pertaining to 32
major cities in India. We are committed to create awareness among general public about
the Bank auction procedures and to generate vibrant market for Bank auction properties
in India. Our services are being utilized by various Banks, i.e Union Bank of India, State
Bank of Hyderabad, Andhra Bank, Punjab National Bank, State Bank of Travancore,
State Bank of Mysore, Bank of India, Indian Overseas Bank, Allahabad Bank, The
Shyamra Vithal co-operative Bank, Karnataka APEX Bank, etc.

In the past 15 months we have listed over 51,000 Bank Auction properties, which include
Auctions and Possessions at 32 cities spread across India. Bangalore has the highest 9140
Bank auction properties, and followed by Mumbai- 5829 properties , Hyderabad – 5230
properties and Kolkata – 4451 properties. The trend is expected to increase in future.

For more Details http://www.foreclosureindia.com

				
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posted:6/24/2011
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