ICICI Bank Ltd.

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ICICI Bank to auction approx Rs 3 crore worth gold jewellery to recover loans

Date: 15-04-2013

ICICI Bank will auction this month gold jewellery, weighing over 11 kg, deposited by more than 150 borrowers as collateral for their loans.  While the exact value of the gold ornaments could be ascertained, but the same are estimated to be of the worth of around Rs 3 crore at current price.

The auction would be conducted by the bank branches in Uttar Pradesh, Bihar and Uttarakhand from April 18-22. The bank decided to auction these gold ornaments after giving sufficient notice to the borrower who defaulted on their payments.