By TIOL News Service

NEW DELHI, JAN 03, 2025: M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal 'Baanknet' in New Delhi, today.

The launch was also attended by Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MD and CEOs of the Public Sector Banks (PSBs), Deputy CEO of Indian Bank Association, Senior executives of PSB Alliance Ltd., and senior officers of DFS.

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. 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.

In his address on the occasion, 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. Nagaraju 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.

Nagaraju said, "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."

The new portal is equipped with improved and enhanced features:

The DFS has already provided training on features of 'Baanknet' portal to executives of all PSBs and to all Recovery Officers in DRTs to ensure effective and efficient utilisation of the portal. Further, over 1,22,500 properties have already been migrated to the new portal for auction.