Baghat Urban Cooperative Bank has received a modest financial boost after its second round of property auctions fetched Rs 4.13 crore, exceeding the reserve price by Rs 33 lakh, media reports say.
Four mortgaged properties located at Baddi, Jatoli and Haret village in Solan district of Himachal Pradesh were sold, offering some relief to the RBI-restricted bank.
Managing Director Rajkumar said further auctions would be held for properties situated in Shimla, Kangra, Kandaghat, Dagshai, Pacchad and Nalagarh districts of the state. Despite a marginal improvement in NPAs, recovery from large borrowers remains weak.
Depositors and shareholders, with substantial funds locked, are preparing protests, while hopes rest on an upcoming lok adalat to accelerate recoveries.
