Federal Bank has joined hands with Magicbricks for listing and e-auctioning of immovable properties, repossessed by the lender via recovery proceedings. The portal provided by Magicbricks offers a wide and direct reach among prospective customers across various locations. This new move of the lender is aimed at faster recovery of impaired assets of the lender, that also assists the customers in availing the best rate in the market for their properties.
With this initiative of pan-India arrangement between Magicbricks and Federal Bank, the lender aims to sell/ recover dues in 30 major accounts amounting to 50 crores in Quarter 4 this year. The arrangement is to leverage the bandwidth of Magicbricks portal across demographics and consumer categories, omitting any geographical restrictions for the buyers.
Ashutosh Khajuria, ED & CFO of Federal Bank and Magicbricks’ representative exchanged Service Level Agreement at Federal Bank’s Mumbai office at BKC yesterday. Speaking on the occasion, Ashutosh Khajuria said, “Federal Bank has always been focusing on maintaining and improving the quality of its loan book through systematic and disciplined recovery efforts and this partnership is a positive step in this direction.”
Commenting on the alliance, Sudhir Pai, CEO, Magicbricks, said: “Over the last two years, Magicbricks’ e-auction platform has evolved as a cost-effective way for banks to liquidate their repossessed assets and lessen their financial burden. Our e-auction platform offers a transparent and a level playing field to property seekers. We are extremely delighted to associate with Federal Bank for listing and e-auctioning of their immovable properties.”