Syllabus
Prelims – Economic and social development
Mains - GS III | Issues related to Growth and development
Why in News?
Recently, Department of Financial Services, Ministry of Finance, launched the revamped e-auction portal ‘Baanknet’ in New Delhi.
- It is a revamped e-auction portal that consolidates information on all properties that put up for e-auction by public sector banks (PSBs).
- It is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases.
- Predecessor portal - “e-BKray” launched in 2019.
- Listings – Residential properties such as flats, independent houses, and open plots, as well as Commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.
- Salient features
- State-of-the-art Innovative Platform – A cutting-edge property listing, specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans.
- Robust Architecture – Ensures seamless reliability and accessibility for users through both mobile and web interfaces.
- 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.
- Bank Verified Titles – Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.
- Users can benefit from a dashboard feature for easy access to ‘Spend Analytics’ and various ‘MIS Reports’ at the click of a button.
- All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.
Reference
PIB | BAANKNET Portal
