Federal Bank signed MoU with Magicbricks to recover dues

Private sector bank Federal Bank signed an agreement with Magicbricks for listing and e-auctioning of immovable properties repossessed by the bank in recovery proceedings.
The main objective of this agreement is to recovery the Bank's impaired assets while helping customers get the best rate in the market for their properties.
The Federal Bank has got into a pan-India arrangement with the housing portal in order to recover dues in 30 major accounts amounting to Rs 50 crore in the 4th quarter of 2019.

Published On : 27 Dec 2019