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Federal Bank Partners with Magicbricks for Quick Disposal of Immovable Properties
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CEO Insights team, Press Release
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.”