Department of Financial Services (DFS) Secretary M Nagaraju launched the revamped e-auction portal ‘Baanknet’.
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Department of Financial Services (DFS) Secretary M Nagaraju launched the revamped e-auction portal ‘Baanknet’.
The platform significantly aids the recovery process of public sector banks (PSBs), thereby improving the balance sheets of banks and enhancing credit availability to businesses and individuals.
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This platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors to discover a wide range of assets, Finance Ministry said in a statement.
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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.
By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.
Nagaraju emphasised that the introduction of this platform would significantly aid the recovery process of PSBs, thereby improving the balance sheets of banks and enhancing credit availability to businesses and individuals.
He underlined the critical role played by PSBs, IBBI and DRTs in this initiative and that their collaboration is the key to this platform’s success.
“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,” he said.
The new portal is equipped with improved and enhanced features like frictionless user journeys with the entire pre-auction, auction, and post-auction journeys in a single application; Automated and integrated payment gateway and KYC tools; micro services based architecture with open APIs for 3rd party integration; Dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click; and Dedicated helpdesk and call centre facility.
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