ICICI Bank Ltd.

ICICI Bank, country’s largest private sector lender is planning to auction gold jewellery weighing nearly 25kg in this month, which has been pledged with it as a security for loans and the concerned borrowers have defaulted on their payments. It will conduct the auction across various branches of ICICI Bank across Uttar Pradesh which includes Varanasi, Lucknow, Meerut, Kanpur, Gorakhpur and Delpanderva, on March 16,

The value of the gold is around over Rs 7 crore as per the current gold price. The bank has taken this decision after giving sufficient notice to the borrower. Since the borrowers have failed to repay their dues under the facility, it has forced to conduct an auction of the pledged gold ornaments.