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CANARA BANK IS ORGANIZING MEGA E-AUCTION FOR THE SALE OF PROPERTIES UNDER SARFAESI ACT

Bangalore, 26th March 2021: Canara Bank is conducting Mega E-Auction on 26.03.2021 for the sale of properties under SARFAESI Act. There are about 2000 properties, which are put for sale and these properties are now in the possession of the bank. The properties include Residential Flats, Apartments, Independent Houses, Industrial Lands, Commercial Complexes, Office Spaces and Vacant Land sites. These properties are available for sale in various cities like Delhi, Mumbai, Kolkata, Bengaluru, Chennai etc. and all other cities and Semi Urban areas.

SARFAESI Act, which is proved to be an effective tool of recovery of Non-Performing Assets (NPAs), provides for sale of mortgaged property by the Bank’s /Financial Institutions giving prior notice to the defaulting borrowers. Canara Bank has successfully sold 1450 properties valued Rs. 886 Crores during current Financial Year.

The sale of the property is conducted through online E-Auction where the prospective bidders can participate in bidding process from anywhere. The interested bidders can also approach the respective branches to have detailed information about the properties put for sale. The sale process is totally transparent and the bidder offering the highest price for the property will be declared as successful bidders.

About Canara Bank:

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. Canara Bank is the fourth-largest public sector bank in the country after its amalgamation with Syndicate Bank in April 2020. At present, it is functioning with 10,491 Branches, 3075 Rural, 3175 Semi- Urban, 2103 Urban & 2138 Metro along with 12973 ATMs throughout. The Bank has gone through various phases of its growth trajectory over the hundred years of its existence. The growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks.

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