Context:
The Finance Ministry has revamped the e-auction portal ‘BAANKNET’ (Bank Asset Auction Network) to further streamline the listing and auctioning of banks’ assets.
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The Department of Financial Services requested public Sector Banks (PSBs) to redesign their e-auction platform to boost the sale value realized through bank e-auctions.
The Minister of State for Finance also informed that the platform ‘e-BKray’ was launched in February 2019.
- The eBKray (now known as Bank Asset Auction Network) is an online Listing and Auction platform owned and operated by PSB Alliance Private Limited (PSBA), a company jointly owned by 12 public sector banks (PSBs).
- The Indian Banks’ Association (IBA) and the Insolvency and Bankruptcy Board of India (IBBI) have introduced it to streamline the process of the sale of liquidated assets and maximize returns for creditors.
BAANKNET Portal
- The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset (NPA) cases.
- The revamped e-auction portal named “BAANKNET” was launched on 03rd January, 2025.
- All 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) are using the platform for the listing and auction of properties across the country.
Salient features of the BAANKNET portal:
- 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.
- 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: It offers a convenient solution from property “search” to “sale” for all types of properties across India.
- Simplified Navigation: It provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.
- Smart Auctions and Fair Pricing: It facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.