South Indian Bank has taken
possession of four secured landed properties, vacant plots within the city
limits, invoking the provisions of the Securitisation Ordinance.
bank has served 33 notices in this region, involving a sum of Rs 8.94 crore,
of which an amount of Rs 4 lakh has been recovered by the bank.
bank is hopeful of recovering another Rs 1 crore within the next couple of
days. We are negotiating. It will be finalised soon, say bank
The value of
the properties secured by the bank is estimated at Rs 20 lakh.