DFS Secy launches 'Baanknet' portal as a one-stop property e-auction hub
- IBEF
- January 6, 2025
Secretary for the Department of Financial Services, Ministry of Finance, Mr. M. Nagaraju, launched the revamped e-auction portal ‘Baanknet’ in Delhi on Friday. The platform aims to enhance the recovery process of public sector banks (PSBs), thereby strengthening their balance sheets and improving credit availability to businesses and individuals. According to a finance ministry statement, Baanknet consolidates e-auction property details from all PSBs, offering a unified platform for buyers and investors to explore diverse assets. He highlighted that the portal leverages technology to ensure transparency, efficiency, and accessibility, boosting investor confidence and unlocking the value of distressed assets.
Baanknet lists many properties, including residential flats, independent houses, commercial buildings, industrial land, agricultural plots, vehicles, and machinery. It simplifies e-auction participation by integrating pre-auction, auction, and post-auction processes within a single platform. Features such as an automated payment gateway, Know Your Customer (KYC) tools and a microservices-based architecture with open API support improve user experience. Additionally, a dashboard for analytics, detailed management information system (MIS) reports and a dedicated helpdesk with a call-back option ensure customer convenience. Training on the portal’s features has been provided to PSB executives and recovery officers in debt recovery tribunals (DRTs) for effective utilisation. Over 122,500 properties have already been migrated to the new platform for auction.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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