Mains - GS III | Issues related to Growth and development
Why in News?
Recently, Department of Financial Services, Ministry of Finance, launched the revamped e-auction portal ‘Baanknet’ in New Delhi.
It is a revamped e-auction portal that consolidates information on all properties that put up for e-auction by public sector banks (PSBs).
It is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases.
Predecessor portal - “e-BKray” launched in 2019.
Listings– 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.
Salient features
State-of-the-art Innovative Platform – A cutting-edge property listing, specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans.
Robust Architecture – Ensures seamless reliability and accessibility for users through both mobile and web interfaces.
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.
Bank Verified Titles – Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.
Users can benefit from a dashboard feature for easy access to ‘Spend Analytics’ and various ‘MIS Reports’ at the click of a button.
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.
