The public sector banks will hold an online auction of pledged properties in a major way next month as per the reports.

It is learnt that the bank has been holding e-auctions on standalone basis and next month auction would be on a consolidated one.

The bank has created a separate vertical to look into loan accounts above Rs.1 crore and monitor them closely. For this the banks have already started sending SMSs to the borrowers reminding them of the loan due repayments.

Indian Bank achieved a total business (deposits plus advances) of Rs.300,436 crore (deposits Rs.175,438 crore, advances Rs.124,998 crore) during the first quarter of the current year.

Indian Bank posted a total income of around Rs.4,494 crore during the first quarter, up from Rs.4,144 crore earned during the first quarter of 2013-14.

Indian Bank is not the first public sector bank to carry out e-auction of mortgaged properties earlier India’s largest lender SBI held e-auction in March. SBI will hold separate auctions for retail (predominantly residential units) and commercial properties as per the source.