By TIOL News Service

NEW DELHI, MAR 25, 2025: IN order to boost the sale value realized through bank e-auctions, Public Sector Banks(PSBs) were requested by Department of Financial Services to redesign their e-auction platform. The platform "e-BKray" was launched on 28th February, 2019. In order to further streamline the listing and auctioning of assets of Banks, a revamped e-auction portal named "BAANKNET" was launched on 03 rd January, 2025.

The salient features of the BAANKNET portal are as follows:

- State-of-the-art Innovative Platform: A cutting-edge property listing and e auction platform specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans through efficient property auctions.

- Robust Architecture: Ensures seamless reliability and accessibility for users through both mobile and web interfaces, making it easy for stakeholders to interact with the platform.

- Automated KYC and Secure Payment Gateways: Integrates advanced Know Your Customer (KYC) tools and secure payment gateways, ensuring a transparent and secure auction process.

- Comprehensive Property Listings: Offers a convenient solution from property "search" to "sale" for all types of properties across India, streamlining the entire auction journey.

- Simplified Navigation: Provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.

- Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.

- Transparency and Seamlessness: Guarantees transparent, efficient, and seamless auction processes, enhancing stakeholder trust and confidence.

- Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.

The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases. By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process.

All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.

This information was given by Minister of State in the Ministry of Finance Pankaj Chaudhary written reply to a question in Lok Sabha yesterday.