NPAsource.com, a first of its kind portal focusing on resolution of stressed assets, aims to undertake over Rs 600 crore worth of e-auctions of various banks’ non-performing assets in 2013-14. The portal is already empanelled with 9 banks for conducting e-auctions of their NPAs: Dena Bank, IDBI Bank, SIDBI, Bank of Baroda, Indian Overseas Bank, Indian Bank, State Bank of Hyderabad, Bank of Maharashtra as well as Kotak Mahindra Bank. It plans to tie up with more PSU as well as private sector banks in the coming months, D.K. Jain, Chairman and Managing Director of Atishya Technologies Pvt Ltd, promoter of the portal, said here on Wednesday.
The portal started its e-auction service in early 2013 after the Ministry of Finance made it mandatory for all commercial banks to move from physical auctions to e-auction mode for all cases of non-performing assets under the Debt Recovery Tribunal. The portal has already conducted over 200 deals worth more than Rs 100 crore till now. It expects residential, agricultural, commercial and industrial properties to be sold through the e-auction route.
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