Private sector lender, ICICI Bank will auction pledged gold jewellery weighing around 25 kg to recover loans on borrowers defaulting on their payment.

The auction will be conducted across various branches of ICICI Bank across Uttar Pradesh for gold jewellery deposited by about 100 customers as collateral for their loans. ICICI Bank declared in the public notice that the auction will be held on March 16.

"Since the borrowers have failed to repay their dues under the facility, we are constrained to conduct an auction of the pledged gold ornaments on March 16, 2013," the bank said in a public notice.

It further said, "In the event any surplus amount is realized from this auction, the same will be refunded to the concerned borrower and if there is any deficit post the auction, the balance amount shall be recovered from the borrower through appropriate legal proceedings."