Federal Bank, a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country, and Magicbricks, an online portal for selling and buying property with a wide and direct reach among prospective buyers across various locations sign a Memorandum of Understanding (MoU) for listing and e-auctioning of immovable properties, repossessed by the Bank through recovery proceedings. The partnership aims at speedy recovery of impaired assets of the Bank and will also enable in getting the best rate in the market for bank’s customers for their property.

Federal Bank aims to leverage the reach of Magicbricks across demographics and consumer categories, removing any geographical restrictions for the buyers

We are extremely delighted to associate with Federal Bank for listing and e-auctioning of their immovable properties.

and thereby sell/recover dues in 30 major accounting amounting to Rs. 50 crores in Q4 this year.

Mr. Ashutosh Khajuria, ED & CFO of Federal Bank says, “Federal Bank has always been focusing on maintaining and improving the quality of its loan book throughsystematic and disciplined recovery efforts and this partnership is a positive step in this direction.”

Commenting on the new development, Mr. Sudhir Pai, CEO, Magicbricks, says “Over the last two years, Magicbricks’ e-auction platform has evolved as a cost-effective way for banks to liquidate their re-possessed assets and lessen their financial burden. Our e-auction platform offers a transparent and a level playing field to property seekers. We are extremely delighted to associate with Federal Bank for listing and e-auctioning of their immovable properties.”