Union Bank of India, post amalgamation is making positive strides in Banking Industry. Buoyed by the profit of 333 crs in first-quarter Bank has aggressively taking up the NPA management.
Despite lockdown also made a successful foray in the auction of immovable and movable properties of accounts that turned non-performing.
Union Bank of India, now enlarged in size with the amalgamation on 01-04-2020, has been successful in conducting monthly mega e-auctions of immovable properties ranging from commercial spaces, flats, independent houses, vacant plots, industrial units at competitive prices through a fair and transparent public e-auction process.
During Financial Year 2020-21, the Bank has successfully initiated a process of the sale of secured assets primarily being immovable properties under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 since July 2020 and continued the Mega e-Auction on monthly basis. The Bank has conducted four Mega e-Auctions during this financial year and auctioned many properties to successful bidders during each mega e-auction, taking the tally of satisfied purchasers to over 305 so far.
Union Bank proposes Mega e-Auctions on monthly basis and conducting the online e-auctions in a more systematic and organized way to provide a platform to prospective purchasers to choose a better deal in properties through their Mega e-Auctions. The online e-auction platform provides the bidders all benefits in search of house/other properties, convenience and ease in participation in bidding process, saves time and ensures transparent bidding process.