Govt launched New e-Auction Portal ‘Baanknet’ for PSU Banks

Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, launched the redesigned e-auction portal "Baanknet" in New Delhi in a major step to improve the effectiveness of real estate auctions.

The event was attended by key figures from the financial sector, including the Chairpersons of Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, Managing Directors and CEOs of Public Sector Banks (PSBs), the Deputy CEO of the Indian Bank Association, senior executives from PSB Alliance Ltd., and senior officers from the DFS.Bank. 

The new portal gives buyers and investors a one-stop shop by compiling e-auction listings from all PSBs. In addition to commercial buildings, industrial property, shops, vehicles, machinery, and agricultural and non-agricultural land, it provides a wide range of assets, such as residential properties such as apartments, independent homes, and plots. The portal streamlines the auction process and makes it simpler for prospective purchasers to locate and attend auctions by compiling all of these facts in one location.

Shri Nagaraju emphasized that the introduction of this platform will be essential to enhancing PSB recovery. Consequently, banks' balance sheets would be strengthened and more credit would be available to both individuals and businesses.  He emphasized that the collaboration between PSBs, the Insolvency and Bankruptcy Board of India (IBBI), and Debt Recovery Tribunals (DRTs) is vital for the success of this initiative.

“The platform is expected to boost investor confidence and improve the economic environment by unlocking the value of distressed assets,” Shri Nagaraju said. He added that the use of technology would make the process more transparent, efficient, and accessible.

The new Baanknet portal comes with several enhanced features, including:

- A seamless user experience, combining the entire pre-auction, auction, and post-auction processes in one platform.

- An automated and integrated payment gateway and Know Your Customer (KYC) tools.

- A microservices-based architecture with open APIs for third-party integration.

- A dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ available at the click of a button.

- A dedicated helpdesk and call center with a callback request facility for users.

To ensure effective use of the portal, the DFS has already trained executives from all PSBs and Recovery Officers in DRTs on the portal’s features. Over 1,22,500 properties have already been migrated to the new portal for auction, signaling a strong start for the platform.