Federal Bank Inks MoU with Magicbricks for Quick Disposal of Immovable 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 a level playing field to property seekers. We are extremely delighted to associate with Federal Bank for listing and e-auctioning of their immovable properties.”