MSTC ties up with Allahabad Bank to develop e-auction platform

MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction platform. This platform directly linked with the Indian Banking Association’s portal (https://ibapi.net) for sale of non-performing assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act.

The e-Auction platform will be a one-of-a-kind solution, where a bidder once registered, will be able to participate in auctions for all banks. This move will help the banks monetise NPAs through a streamlined process, thereby, increasing revenue generation.

MSTC is a Central Government of India company engaged in domestic and international trading. It specialises in the international trade of ferrous input materials and has imported millions of tonnes of ferrous melting scrap, old ships for breaking, sponge iron, hot briquetted iron, re-rollable scrap, etc.

Static/Current Takeaways Important For RBI Grade ‘B’ 2019:

  • Chairman & MD of MSTC: Bam Bahadur Singh.
  • Founded: 9 September 1964; Headquarters: Kolkata.
  • MD & CEO of Allahabad Bank: S. S. Mallikarjuna Rao.
  • Tagline: A tradition of trust.

Source: The Hindu

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