There is likely to be a rise of over one lakh e-auction transactions of properties of non-performing assets in FY2013-14, according to NPAsource.com, an online portal that auctions stressed assets.
With the Ministry of Finance making it mandatory for all commercial banks to move from physical auctions to e-auction mode for all NPA cases under the Debt Recovery Tribunal, there will be a spurt in e-auctions in 2013-14, the portal said in a statement.
NPAsource.com expects residential and agricultural properties to account for the largest number to be sold through the e-auction route in terms of transactions.
As on March 31, 2013, the portal NPAsource.com had over 23,000 registered properties worth over Rs 21,000 crore.
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