More properties go under hammer as borrowers under stress: Assocham
Feb 10, 2014
Source : The Times of India

 

DELHI: An increasing number of properties and assets mortgaged to lenders are going under the hammer due to non-payment of loans, a study by Assocham has found. “Visibly, the sale and possession notices appear more for the small-sized assets mortgaged for loans which have gone bad. The stress seems more in small-sized manufacturing units,” the study paper said.

While some banks had started publishing photographs of borrowers and guarantors for failed loans, others have exercised restraint, it said.

The possession and sale notices are issued by banks and financial institutions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI Act). These notices are for the immovable properties mortgaged with the banks. According to an earlier Assocham assessment, bank NPAs could see further deterioration as the gross amount may touch 5 per cent by the end of March 2014.

Iron & steel and infrastructure sectors are the biggest contributors to NPAs of the public sector banks, besides aviation, textiles and mining are also adding to the stressed assets.

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