‘e-auction’ distressed property of SBI on June 12

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Mumbai: Country’s largest lender State Bank of India will be selling its distressed assets through an online auction on June 12. This is the second e-auction which the bank will be conducting in this year after its maiden attempt in the month of March.In a public notice SBI said, it will be conducting a mega e-auction of distressed residential and commercial properties on June 12.

Through this auction, the bank will try to sell offices, shops, apartments and factory buildings located in about 40 cities.Moreover, in a similar auction held on March 14, the bank had put on auction 300 residential and commercial properties worth around Rs 1,200 crore. Then the bank could sell only around 130 properties, which were largely residential, realising just about Rs 100 crore.  SBI chairman Arundhati Bhattacharya already had said, that the bank would continue to hold such e-auctions every quarter. It is the planning of bank to take such actions in the middle of the last month of every quarter.

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