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.
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