The pan-India arrangement between Magicbricks and Federal Bank aims to recover dues in 30 major accounts amounting to Rs 50 crore (approximately $7 million) in Q4FY20, a statement said. “The arrangement is to leverage the reach of Magicbricks portal across demographics and consumer categories, removing any geographical restrictions for the buyers,” it added.
Ashutosh Khajuria, Executive Director and Chief Financial Officer, Federal Bank, said:
“Federal Bank has always been focusing on maintaining and improving the quality of its loan book through systematic and disciplined recovery efforts and this partnership is a positive step in this direction.”
Sudhir Pai, CEO, Magicbricks, said:
“Over the last two years, Magicbricks’ e-auction platform has evolved as a cost-effective way for banks to liquidate their repossessed assets and lessen their financial burden. Our e-auction platform offers a transparent and a level playing field to property seekers.”
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