In a significant move to enhance the efficiency of property auctions, Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, launched the revamped e-auction portal ‘Baanknet’ in New Delhi.
The event was attended by key figures from the financial sector, including the Chairpersons of Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, Managing Directors and CEOs of Public Sector Banks (PSBs), the Deputy CEO of the Indian Bank Association, senior executives from PSB Alliance Ltd., and senior officers from the DFS.
The new platform brings together e-auction listings from all PSBs, providing a one-stop destination for buyers and investors. It offers a wide variety of assets, including residential properties like flats, independent houses, and plots, as well as commercial properties, industrial land, shops, vehicles, machinery, and agricultural and non-agricultural land. By consolidating all these details in one place, the portal simplifies the auction process, making it easier for potential buyers to find and participate in auctions.
Shri Nagaraju highlighted that the launch of this platform would play a crucial role in improving the recovery process for PSBs. This, in turn, would strengthen the balance sheets of banks and increase credit availability for businesses and individuals. He emphasized that the collaboration between PSBs, the Insolvency and Bankruptcy Board of India (IBBI), and Debt Recovery Tribunals (DRTs) is vital for the success of this initiative.
“The platform is expected to boost investor confidence and improve the economic environment by unlocking the value of distressed assets,” Shri Nagaraju said. He added that the use of technology would make the process more transparent, efficient, and accessible.
The new Baanknet portal comes with several enhanced features, including:
- A seamless user experience, combining the entire pre-auction, auction, and post-auction processes in one platform.
- An automated and integrated payment gateway and Know Your Customer (KYC) tools.
- A microservices-based architecture with open APIs for third-party integration.
- A dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ available at the click of a button.
- A dedicated helpdesk and call center with a callback request facility for users.
To ensure effective use of the portal, the DFS has already trained executives from all PSBs and Recovery Officers in DRTs on the portal’s features. Over 1,22,500 properties have already been migrated to the new portal for auction, signaling a strong start for the platform.
