Kathmandu: NIC Asia Bank has issued a second 7-day notice to auction the collateral of 150 loan defaulters.
On Monday, the bank published the notice to auction the properties of all 150 borrowers at once.
Earlier, the bank had published a 15-day auction notice, but as the collateral could not be sold, it has now issued a fresh 7-day notice. If the auction is not completed within the 7 days of this second notice, the bank will have to transfer the properties into non-banking assets.
Since most of the loans invested by NIC Asia Bank are small, the collateral put up for auction also carries relatively small values.
The bank stated that despite repeated oral reminders and a previously issued 35-day repayment notice, the borrowers did not settle their dues, prompting the earlier 15-day auction notice.
Comment Here