Shri M. Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, launched the revamped e-auction portal ‘Baanknet’ in New Delhi.
The launch event was attended by the Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MD and CEOs of Public Sector Banks (PSBs), Deputy CEO of the Indian Bank Association, Senior Executives of PSB Alliance Ltd., and senior officers from DFS.
The platform consolidates e-auction property listings from all PSBs, offering a one-stop destination for buyers and investors to explore a wide range of assets. The listings include residential properties such as flats, independent houses, and plots, along with commercial properties, industrial land, buildings, shops, vehicles, plant machinery, and both agricultural and non-agricultural land. By centralizing these details, the platform simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to access valuable opportunities.
In his address, Shri Nagaraju emphasized that the platform would significantly aid the recovery process for PSBs, improving their balance sheets and enhancing credit availability for businesses and individuals. He highlighted the crucial role played by PSBs, IBBI, and DRTs in this initiative, stressing that their collaboration is key to the platform's success.
Shri Nagaraju stated, “This platform is expected to improve the overall economic environment by unlocking the value of distressed assets and boosting investor confidence. Technology will make this process more transparent, efficient, and accessible.”
The new portal features several enhancements:
- Seamless user journeys: A single platform covering the entire pre-auction, auction, and post-auction processes
- Automated payment gateway and integrated KYC tools
- Microservices-based architecture with open APIs for third-party integrations
- Dashboard for ‘Spend Analytics’ and various ‘MIS Reports’ at a click
- Dedicated helpdesk and call center with a callback request facility for customers
The DFS has already provided training on the portal's features to executives of all PSBs and Recovery Officers in DRTs to ensure its efficient use. Additionally, over 1,22,500 properties have already been migrated to the new portal for auction.