Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi, today.
M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi, today. Chairpersons of the Debt Recovery Appellate Tribunals and Presiding Officers of Debt Recovery Tribunals also attended the launch. MD and CEOs of the Public Sector Banks (PSBs) were present. The Deputy CEO of Indian Bank Association and senior executives of PSB Alliance Ltd. also attended.
“Unified Platform for PSB E-Auction Property Listings”
This platform consolidates information on e-auction properties from all PSBs. It offers a one-stop destination for buyers and investors to discover a wide range of assets. The listings include a variety of residential properties, such as flats, independent houses, and open plots. Additionally, they cover commercial properties, industrial land and buildings, shops, vehicles, and plant and machinery.
Moreover, both agricultural and non-agricultural land are also available, offering a wide range of options to meet diverse needs.By gathering all these details in one place, the platform simplifies the process of finding and participating in property e-auctions. This makes it easier for buyers and investors to identify valuable opportunities.
Baanknet : Nagaraju Highlights Platform to Boost PSBs and Economic Growth
In his address on the occasion, Nagaraju emphasised the introduction of this platform. He stated it would greatly aid the recovery process of PSBs. It will improve the balance sheets of banks. Moreover, this will further enhance credit availability to both businesses and individuals. Nagaraju highlighted the critical role that PSBs, IBBI, and DRTs play in this initiative. Their collaboration is key to this platform’s success.
Nagaraju said, “This platform is expected to enhance the overall economic environment. It will unlock the value of distressed assets. Additionally, it will boost 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:
- Frictionless user journeys – Single Portal with the entire pre-auction, auction, and post-auction journeys in a single application
- Automated and integrated payment gateway and KYC tools
- Microservices based architecture with open APIs for 3rd party integration
- Dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click
- Dedicated helpdesk and call centre facility with callback request facility for the customers
The DFS has already provided comprehensive training on the features of the ‘Baanknet’ portal. Moreover, they have trained executives from all PSBs as well as all Recovery Officers in DRTs to ensure the effective and efficient utilization of the portal. Additionally, over 1,22,500 properties have already been migrated to the new portal for auction, further streamlining the process.
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