NPAsource.com AIMS Rs 600 CRORE eAUCTIONS

NPAsource.com, the online portal for e-auction of NPAs of financial institutions, is aiming to undertake about Rs 600 worth of e-auctions in 2013-14. "NPAsource.com...aims to undertake over Rs 600 crore worth of e-auctions of various banks’ non-performing-assets (NPAs) in 2013-14," it said in a release. NPAsource.com has also empanelled with nine banks to conduct e-auction of their NPAs. These banks are Dena Bank, IDBI Bank, SIDBI, Bank of Baroda, Indian Overseas Bank, Indian Bank, State Bank of Hyderabad, Bank of Maharashtra and Kotak Mahindra Bank. It plans to tie up with more PSU as well as private sector banks in the coming months, the release said. The portal which began its e-action services early this year has already conducted over 200 deals worth over Rs 100 till now. It expects residential, agricultural, commercial and industrial properties to be sold through the e-auction route, the company said. "A major achievement for our portal has been to receive risk capital funding from the Small Industries Development Bank of India (SIDBI) recently. We believe our association with all these banks would be a win-win situation for us as well as the banks," said DK Jain, Chairman and Managing Director, NPAsource.com. According to NPAsource.com, the growth in e-auctions is likely to be strong as bad assets of banks have grown significantly. Gross non-performing assets (NPA) of public sector banks rose to Rs 1.76 lakh crore as on June 30, 2013 from Rs 1.55 lakh crore as on March 31, 2013.