Federal Bank, Magicbricks in tie-up

Federal Bank has tied up with Magicbricks for listing and e-auctioning of immovable properties that are repossessed by the lender through recovery proceedings. Using this tie-up, the private sector lender aims to sell or recover dues in 30 major accounts amounting to ₹50 crore in the fourth quarter this year.“This new initiative of the bank is aimed at the speedy recovery of impaired assets of the bank, which also helps customers in getting the best rate in the market for their properties,” said Federal Bank in a press release on Monday. Our Bureau