New Delhi, Jan 3, 2025-
The Finance Ministry on Friday launched the revamped ‘Baanknet’ e-auction portal which consolidates information on properties that all public sector banks are putting up for sale and offers a one-stop destination for buyers and investors to discover a wide range of assets.
The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.
Speaking at the launch, M. Nagaraju, Secretary, Department of Financial Services of the Ministry of Finance, said the introduction of this platform would significantly aid the recovery process of public sector banks (PSBs), thereby improving their balance sheets and enhancing credit availability to businesses and individuals.
By gathering the details of all properties in one place, the revamped portal simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.
Nagaraju underlined the critical role played by PSBs, IBBI and Debt Recovery Tribunals in this initiative.
He said, “This platform is expected to enhance the overall economic environment by unlocking the value of distressed assets and boosting investor confidence. With the use of technology, this process will be more transparent, efficient, and accessible.”
The new portal is equipped with improved and enhanced features which include the entire pre-auction, auction, and post-auction journeys in a single application.
It also incorporates an automated and integrated payment gateway and KYC tools along with microservices-based architecture with open APIs for third-party integration.
The portal also has a dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click and is backed up by a dedicated helpdesk and call centre facility with a callback request facility for the customers.
The Department of Financial Services has already provided training on features of the ‘Baanknet’ portal to executives of all PSBs and to all Recovery Officers in DRTs to ensure effective and efficient utilisation of the portal.
More than 1,22,500 properties have already been migrated to the new portal for auction.
The launch was attended by Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MD and CEOs of the PSBs, Deputy CEO of the Indian Bank Association, Senior executives of PSB Alliance Ltd., and senior officers of the Finance Ministry.(Agency)
