State Bank of India will be holding a mega e-auction of over 1,000 open plots, commercial, residential and industrial properties on February 26, 2020. SBI E-auction will be open for all.
It will be auctioning these non-performing assets (NPAs) this month to recover its dues from those borrowers.
These properties are located in New Delhi, Ghaziabad (Uttar Pradesh), Shahjahanpur (UP), Badanpur (UP), Lucknow (UP), Kottayam (Kerala), Kollam (Kerala), Palakkad (Kerala), Burdwan (West Bengal), Nadia (West Bengal), Karur (Tamil Nadu), Nilgris (Tamil Nadu), Erode (Tamil Nadu), Tiruppur (Tamil Nadu), Tindivanam (Tamil Nadu), Coimbatore (Tamil Nadu), Namakkal (Tamil Nadu), Jaipur (Rajasthan), Amreli (Gujarat), Ahmedabad (Gujarat), Anand (Gujarat), Jalgaon, Nandurbar, Nagpur (Maharashtra), Boripada (Orissa), Ramgarh (Jharkhand), Durg (Chattisgarh) among others.
While provisions cover regulatory requirements, the bank has the right to get back dues through a legal process, said a senior executive. SBI, in a statement, said it is very transparent when putting immovable properties, mortgaged with it or attached by court order, to the auction.
It furnishes all relevant details that can make it an attractive proposition for bidders to participate in the auctions. The bank will offer loans to successful bidders. The recoveries and upgradations for stressed accounts stood at Rs 13,553 crore in the third quarter ended December 31, 2019, up from Rs 6,617 crore in the quarter ended December 31, 2018.
The bank published the advertisement for the proposed auction in newspapers as well as social media. The advertisement contains information about websites where bidders can access details about the properties. It also gives details on the requirements for participating in the e-auction.
The bidders can bid for the properties online after registering online by February 26, 2020, on the website of https://www.bankeauctions.com/SBI or https://ibapi.in or https://sbi.auctiontiger.net or www.tenderwizard.com/SBIEAUCTION.
Here are the requirements for participating in SBI e-auction:
1) EMD for the particular property as mentioned in the e-Auction notice.
2) KYC Documents – to be submitted to the concerned Branch.
3) Valid Digital Signature – Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.
4) Login ID and Password – will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
5) Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.
How to participate in sbi e-auction ?
Fill in the user ID (registered email) and Password to login on the portal. In case the bidder has forgotten his / her password, the same can be retrieved by clicking on the link “Forgot Password”
After the acceptance of Terms and Conditions, the bidder has to click on the Participate button. Once the bidder clicks on the Participate button, the application will navigate the user to the participation stage (Uploading of KYC Documents, EMD Details and FRQ (First Rate Quote – Quote Price) etc.)
Bidders are required to upload the KYC / Annexures and proof of EMD by clicking on the link “Pay / Update ” And “Upload Doc”. After uploading all the required details bidder has to submit the Quote Price. Quote Price can be equal to or greater than the reserved value of the property/asset. After filling up the quoted price, click on Submit and then Final Submit in order to submit the final bids online.
The bidders cannot be able to make changes in the uploaded documents or the quoted price after the final submission. If the bidders fail to click on Final Submit button within the stipulated date and time; not be able to participate in the auction.
