Government Launches Enhanced BAANKNET Portal for Efficient Bank E-Auctions
| Topic | Details |
|---|---|
| Initiative | To improve efficiency and transparency of bank e-auctions. |
| Directed By | Department of Financial Services. |
| Initial Platform | "e-BKray" launched on February 28, 2019. |
| Enhanced Platform | "BAANKNET" introduced on January 3, 2025. |
| Key Focus | Streamlining listing and auctioning of assets, particularly Non-Performing Assets (NPAs). |
| Key Features | State-of-the-art Platform, Robust Architecture, Automated KYC & Secure Payments, Comprehensive Property Listings, User-friendly Navigation, Smart Auctions & Fair Pricing, Enhanced Transparency & Seamless Processes, Bank-Verified Titles. |
| Implementation | Adopted by all 12 Public Sector Banks (PSBs) and the Insolvency and Bankruptcy Board of India (IBBI). |
| Objective | Maximizing realized sale value of bank-owned properties and ensuring secure transactions. |