DFS Secretary M. Nagaraju has launched the revamped ‘BAANKNET’ e-auction portal, a cutting-edge platform aimed at simplifying and enhancing the process of e-auctioning properties. Launched in New Delhi, the event saw participation from senior officials, including Chairpersons of Debt Recovery Appellate Tribunals, Public Sector Bank (PSB) MDs and CEOs, and representatives from the Indian Bank Association and PSB Alliance Ltd.
This state-of-the-art platform serves as a one-stop destination for buyers and investors, aggregating property listings from all PSBs. The portal offers an extensive array of assets, including residential properties like flats, independent houses, and open plots, as well as commercial properties, industrial land, shops, vehicles, agricultural and non-agricultural land, and plant machinery. By centralizing this information, the portal streamlines property e-auctions, enabling users to easily identify and participate in valuable opportunities.
Speaking at the launch, Nagaraju highlighted the portal’s pivotal role in strengthening the financial health of PSBs by expediting the recovery of distressed assets. He remarked, "This platform is expected to unlock the value of distressed assets, enhance credit availability, and foster investor confidence. With technology at its core, the process will now be more transparent, efficient, and accessible."
The revamped ‘BAANKNET’ portal is equipped with several advanced features designed to enhance user experience and operational efficiency. These include a frictionless user interface that integrates the entire auction journey, automated payment gateways, robust KYC tools, and a microservices-based architecture with open APIs for third-party integration.
Additionally, the platform offers a dashboard feature for spend analytics and management information system (MIS) reports, alongside a dedicated helpdesk with a callback request facility for customer support.
The DFS has ensured comprehensive training for PSB executives and Debt Recovery Tribunal officers to maximize the portal’s effectiveness. Over 1,22,500 properties have already been migrated to this new platform.
