Sun, 14 Apr 2013 12:00:00 GMT | By PTI

ICICI Bank to auction 11-kg pledged gold to recover loans

The auction would be conducted by the bank’s branches in Uttar Pradesh, Bihar and Uttarakhand from April 18-22 for gold jewellery deposited by about over 150 customers


ICICI Bank to auction 11-kg pledged gold to recover loans (© Reuters)

New Delhi: The country’s largest private sector lender ICICI Bank will auction this month gold jewellery weighing over 11 kg, pledged by more than 150 borrowers, who have defaulted on their payments.

The auction would be conducted by the bank’s branches in Uttar Pradesh, Bihar and Uttarakhand from April 18-22 for gold jewellery deposited by about over 150 customers as collateral for their loans, the bank said in a public notice last week.

While neither the exact value of the gold ornaments being auctioned nor the outstanding loans could be ascertained, an equivalent amount of gold would be worth over Rs 3 crore at current prices.

At present, gold prices have hit a one-year low at Rs 28,350 per 10 gm.

(Continued)
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