State Bank of India (SBI) has entered into a pan-India tie-up with Shriram Automall India Ltd, a subsidiary of Shriram Transport Finance Company, for assisting in post-seizure, warehousing and sale of seized tractors through organised public sale.
SBI, in a statement said, the tie-up would help the company in better price recovery of impaired assets in the form of tractor loans, as Shriram Automall will offer end-to-end solution through more than 65 auto malls.
The auto mall offers a common meeting platform for potential buyers and sellers where the valuation of the vehicle is determined through a transparent process.
“It is expected that a large number of non-performing tractor loan accounts would be addressed through this tie-up in the coming months. Apart from ensuring optimum recovery from the sale of old tractors, this tie-up is expected to create a market for pre-used tractors also where SBI may explore lending opportunities,’’ the bank said.
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