DFS Secy launches 'Baanknet' portal as a one-stop property e-auction hub

Department of Financial Services (DFS) secretary M. Nagaraju on Friday launched a revamped e-auction portal ‘Baanknet’ in Delhi.

 

It significantly aids the recovery process of public sector banks (PSBs), thereby improving the balance sheet of banks and enhancing credit availability to businesses and individuals.

 

According to a finance ministry statement, this platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors to discover a wide range of assets.

 

“This platform is expected to enhance the overall economic environment by unlocking the value of distressed assets and boosting investor confidence. With the use of technology, this process will be more transparent, efficient, and accessible,” said Nagaraju.

   

The listings include residential properties such as flats, independent houses, open plots, commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.

 

By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions. It makes it easier for buyers and investors to identify valuable opportunities.

 

The new portal is designed with improved features to enhance user experience, offering frictionless journeys that integrate the entire pre-auction, auction, and post-auction processes within a single application.

 

It includes an automated and integrated payment gateway alongside KYC tools, all built on a microservices-based architecture that allows for third-party integration through open application programming interface (API).

 

Users can benefit from a dashboard feature for easy access to ‘Spend Analytics’ and various ‘MIS Reports’ at the click of a button.

 

Additionally, a dedicated helpdesk and call centre facility with a call back request option ensures customer support.

 

The DFS has already provided training on the features of ‘Baanknet’ portal to executives of all PSBs and to all recovery officers in debt recovery tribunals (DRTs). This will ensure effective and efficient utilisation of the portal.

 

Further, over 122,500 properties have already been migrated to the new portal for auction. 

  Recovery Picture:

 

• Supports recovery processes of public sector banks (PSBs).
• Improves banks' balance sheets and enhances credit availability.
• Unlocks value of distressed assets and boosts investor confidence.
• Consolidates e-auction property listings from all PSBs.
• Covers residential, commercial, industrial, agricultural, and non-agricultural properties, as well as vehicles and machinery.