During the meeting of General managers (Recovery/Legal) of all Public Sector Banks (PSBs) held on November 1, 2012, PSBs were advised that all auctions of the immovable properties under ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002’ be done through e-Auction with a view to conduct free, fair and transparent auctions.

In line with the instructions from the Government, the PSBs have already finalised the service provider for e-auctions and many banks have started conducting e-auctions of the immovable properties under SARFAESI Act.

This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

DSM/RS/ka

(Release ID :93331)

E-auction of secured immovable property mandated for SARFAESI auctions to ensure transparent, fair and accessible disposals. Public Sector Banks were advised to conduct all auctions of immovable properties under SARFAESI through electronic bidding to ensure free, fair and transparent disposals; a service provider for e-auctions has been finalised and many banks have commenced using the electronic platform for sale of secured immovable assets.