SBI Auctions Seized Vehicles

Published: 19th August 2014 06:00 AM  |   Last Updated: 19th August 2014 05:12 AM   |  A+A-

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. 


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