Canara Bank will auction the assets of 2,000 borrowers, the bank failed to repay its loan
Under this law, banks also have the right to repay their debt by selling the mortgaged property. According to the bank's statement, 1450 properties have been sold to repay the debt so far in the current financial year. A total of Rs 886 crore was raised through this.
Staff Editor 
Government lender Canara Bank is going to auction the properties of 2,000 borrowers through e-auction on Friday. These borrowers have failed to repay the bank's loan. Giving information about the auction process under SARFAESI Act, the bank issued a statement saying that interested persons can participate in e-auction from anywhere.
The bidding process includes residential flats, apartments, houses, industrial land, commercial complexes, offices and vacant plots. These properties belong to several cities including Delhi, Mumbai, Kolkata, Bangalore and Chennai.
Under the SARFAESI Act, there is a provision for taking possession of the mortgaged property to banks in the event of non-payment of debt. Under this law, banks also have the right to repay their debt by selling the mortgaged property. According to the bank's statement, 1,450 properties have been sold to repay the debt so far in the current financial year. A total of Rs 886 crore was raised through this.
