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Canara Bank seizes South Central Shopping Mall properties in Visakhapatnam over unpaid loans

Canara Bank's Asset Recovery Management Branch has taken possession of properties belonging to South Central Shopping Mall in Payakaraopeta after classifying its loan accounts as non-performing assets. To recover outstanding debts, the bank is set to hold an e-auction of these seized properties on Friday.

BRIC Team
BRIC Team
Jun 19, 2026 · 1 min read · 2 views
Canara Bank seizes South Central Shopping Mall properties in Visakhapatnam over unpaid loans

Key Takeaways

  • •Canara Bank seized properties from South Central Shopping Mall in Payakaraopeta due to non-performing assets totaling over ₹50 crore.
  • •The District Collector of Anakapalli ordered the property handover to Canara Bank on October 10, 2023.
  • •Assistant General Manager Venugopal Reddy led the operation alongside authorized officer Satyanarayana and Divisional Manager Dhanunjaya Rao.
  • •Canara Bank plans to conduct an e-auction of the seized properties on Friday, inviting potential buyers to participate.
  • •This action is part of Canara Bank's strategy to recover outstanding debts and manage its asset portfolio effectively.

Canara Bank has moved to seize property tied to a shopping center in Payakaraopeta,tackling financial issues head-on. Business's loan accounts were flagged as defaults after they couldn't pay up.

Local authorities ordered the transfer,and the bank now holds the properties after police secured them. The operation included the bank's assistant manager,plus key figures from regulatory and police departments.

Canara Bank plans an electronic auction to offload these assets,inviting bids for Friday's event. A step to recover debts and manage assets...but will it work?

#Andhra Pradesh

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