VISAKHAPATNAM: State Bank of India Monday auctioned the seized vehicles. The SBI RACPC unit had seized five vehicles after giving the default borrowers notices and put them for auction at the administrative office premises in the bid-cum-open auction sale.
According to the SBI, the bank has been giving notices and opportunity to the defaulting customers to regularise the accounts before seizure of the vehicles.
The bank lamented that it was equally painful for it as much as to the customers to seize the vehicles from them, but has to resort to the seizure as the bank cannot afford to let the retail assets slip into NPA category.