State Bank of India to auction seized cars
August 20, 2014 - Hyderabad
The State Bank of India will conduct auctions of the cars seized form loan defaulters every Monday and Tuesday near Patny Centre in Secunderabad.
State Bank of India (SBI) in a statement said that it will publish public auction notice in newspapers every Friday. The statement said that the decision was taken in view of rising Non Performing Assets and nearly 500 cars would be auctioned in the coming few weeks.
The statement said that the percentage of car loan NPAs has gone above 1 per cent while the target to bring down it to 0.25 per cent.