BAANKNET is newly revamped e-auction portal, earlier was eBkray. Recently, the Department of Financial Services (DFS), Ministry of Finance launched this e-auction portal. Read more in detail below.

About the BAANKNET

• Stands for Bank Asset Auction Network.
• E-Auction Portal.
• Main Objective – It is designed specifically for banks and lending institutions, addressing recovery of Non-Performing Asset (NPA) loans through efficient property auctions.
• This platform integrates automated KYC tools and secure payment gateways, facilitating transparent and effective auction processes.
• This portal is initiative of Department of Financial Services and Indian Banks’ Association.
• This portal is powered by promoted by Public Sector Banks (PSBs Alliance).

Key Features

• This platform consolidates e-auction property details from all PSBs at one place.
• Listings include –
  • Residential properties (flats, independent houses, open plots),
  • Commercial properties,
  • Industrial land/buildings,
  • Agricultural and non-agricultural land
  • and Others.
• It has Micro-service based system with open APIs for third-party integrations.
• Single platform for seamless pre-auction, auction and post-auction processes.
• Dedicated Helpdesk and call center for customer support.

References

1. Baanknet.com
2. News Sources