To enhance the efficiency and transparency of bank e-auctions, the Department of Financial Services has asked Public Sector Banks (PSBs) to redesign their e-auction platform. This effort resulted in the launch of the “e-BKray” platform on February 28, 2019. Furthering this initiative, the government unveiled the enhanced “BAANKNET” portal on January 3, 2025. This new platform is crafted to simplify the listing and auctioning of assets, particularly focusing on the disposal of Non-Performing Assets (NPAs), while ensuring secure transactions and maximizing the sale value of properties owned by banks.
Key Features of the BAANKNET Portal
• State-of-the-art Platform: A modern property listing and e-auction system crafted for banks and lending institutions to effectively recover loans through property sales.
• Robust Architecture: Designed for easy access on both mobile and web, ensuring a smooth experience for all users.
• Automated KYC & Secure Payments: Incorporates advanced Know Your Customer (KYC) verification tools and secure payment gateways to enhance both transparency and security.
• Comprehensive Property Listings: Allows for thorough property searches and sales across India, making the auction process simpler.
• User-friendly Navigation: Features an intuitive interface that makes searching for properties and participating in auctions a breeze.
• Smart Auctions & Fair Pricing: Uses intelligent auction methods to ensure fair pricing and maximize value for everyone involved.
• Enhanced Transparency & Seamless Processes: Builds reliability and trust in property transactions.
• Bank-Verified Titles: All properties listed come with verified ownership, ensuring authenticity in every transaction.
Implementation & Adoption
- The BAANKNET portal aims to enhance transparency and efficiency in resolving NPA cases.
- It integrates advanced technology to facilitate seamless property auctions.
- Currently, all 12 Public Sector Banks (PSBs) and the Insolvency and Bankruptcy Board of India (IBBI) are utilizing the platform for listing and auctioning properties nationwide.
