ON
🔍
← Back to feed
IndiaEconomy2 days ago

Canara Bank takes possession of shopping mall properties

Canara Bank's Asset Recovery Management branch in Visakhapatnam has taken possession of properties owned by the South Central Shopping Mall at Payakaraopeta. This action followed the classification of the mall's loan accounts as non-performing assets due to non-repayment. The properties were transferred to the bank by revenue authorities under orders from the District Collector of Anakapalli. The process involved several bank officials, police personnel, and revenue officers. The bank plans to conduct an e-auction of the seized properties on Friday.

The Asset Recovery Management (ARM) Branch of the Canara Bank in Visakhapatnam has taken possession of properties belonging to South Central Shopping Mall at Payakaraopeta after the establishment’s loan accounts were classified as non-performing assets (NPAs) owing to non-repayment of loans.

According to an official release, the properties were taken into possession by the Revenue authorities and handed over to the bank following orders issued by the District Collector of Anakapalli.

The proceedings were carried out in the presence of Assistant General Manager Venugopal Reddy, authorised officer Satyanarayana, Divisional Manager Dhanunjaya Rao, police personnel and Revenue officials.

The bank said an e-auction of the seized properties would be conducted on Friday and invited interested buyers to participate.

Published - June 19, 2026 07:30 pm IST

Read the full article at The Hindu →
Source document: Official Release

1 reports

The HinduIndependentCenter2 days ago
Canara Bank takes possession of shopping mall properties

Canara Bank's Asset Recovery Management branch in Visakhapatnam has taken possession of properties owned by the South Central Shopping Mall at Payakaraopeta. This action followed the classification of the mall's loan accounts as non-performing assets due to non-repayment. The properties were transferred to the bank by revenue authorities under orders from the District Collector of Anakapalli. The process involved several bank officials, police personnel, and revenue officers. The bank plans to conduct an e-auction of the seized properties on Friday.

Bias read (Center): The article reports on a financial transaction involving a bank taking possession of property due to non-repayment of loans. It provides factual details without apparent ideological framing, loaded language, or selective sourcing. The content is neutral and focuses on procedural actions rather than

Official sources cited

  • organisation Official Release

Go to the primary sources (1)

The official sources this coverage is built on. Read them directly to bypass framing.

  • organisationOfficial Release