Government Introduces e-Bkray And BAANKNET: The Department of Financial Services asked Public Sector Banks (PSBs) to modify their e-auction platform in order to increase the sale value realized through bank e-auctions. The “e-BKray” platform was introduced on February 28, 2019. On January 3, 2025, a redesigned e-auction portal called “BAANKNET” was introduced in an effort to further expedite the listing and auctioning of banks’ assets.
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 platform was created especially to improve openness and expedite the resolution of cases involving non-performing assets (NPAs). Through the utilization of cutting-edge technology, the platform guarantees a high degree of transparency throughout the property auction process by incorporating automatic KYC tools, secure payment gateways, and bank-verified property titles.
The portal is used by the Insolvency and Bankruptcy Board of India (IBBI) and all 12 Public Sector Banks to list and auction real estate nationwide.
Shri Pankaj Chaudhary, the Minister of State in the Ministry of Finance, provided this information in a written response to a question in the Lok Sabha today.
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