Canara Bank is organising an auction of 2,000 borrower properties in its possession on March 26, 2021. The properties, which include residential flats, apartments, independent houses, industrial lands, commercial complexes, office spaces and vacant lands, will be sold through an e-auction under the provisions of the Sarfaesi Act. Typically, a bank takes possession of a property which is kept as a security while borrowing in the event of non-payment. Under the Sarfaesi Act, the bank has the ability to recover its dues by selling the securities.
The properties being put up for auction are spread across cities, including Delhi, Mumbai, Kolkata, Bengaluru and Chennai, and also other semi-urban pockets. The bank has so far sold 1,450 properties valued at Rs 886 crore during the current financial year under provisions of the same Sarfaesi Act.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
