Federal Bank Inks MoU with Magicbricks for Quick Disposal of Immovable Properties

New Delhi, 23^rd December 2019: Federal Bank partners with Magicbricks for listing and e-auctioning of immovable properties, repossessed by the Bank through recovery proceedings. The portal offered by Magicbricks provides a wide and direct reach among prospective buyers across various locations. This new initiative of the Bank is aimed at speedy recovery of impaired assets of the Bank, which also helps the customers in getting the best rate in the market for their properties.

With this Pan-India arrangement between Magicbricks and Federal Bank, the Bank aims to sell/ recover dues in 30 major accounts amounting to 50 crores in Q4 this year. The arrangement is to leverage the reach of Magicbricks portal across demographics and consumer categories, removing any geographical restrictions for the buyers.

Mr. Ashutosh Khajuria, ED & CFO of Federal Bank and Magicbricks’ representative exchanged Service Level Agreement at Federal Bank’s Mumbai office at BKC yesterday.  Speaking on the occasion, Mr. Ashutosh Khajuria 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.”

Commenting on the partnership, Mr. 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 level playing field to property seekers. We are extremely delighted to associate with Federal Bank for listing and e-auctioning of their immovable properties.”

About Federal Bank:

Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as of March 31, 2019, and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices in Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.