BAANKNET Portal
Kartavya Desk Staff
Source: BS
Context: The Government of India launched the revamped ‘BAANKNET’ portal to streamline the e-auction process for properties held by public sector banks (PSBs).
About ‘BAANKNET’ Portal:
• What is BAANKNET? A centralized platform for the e-auction of properties held by PSBs, designed to boost transparency, efficiency, and accessibility.
• A centralized platform for the e-auction of properties held by PSBs, designed to boost transparency, efficiency, and accessibility.
• Department/Ministry: Managed by the Department of Financial Services (DFS) under the Ministry of Finance.
• Objectives:
• Streamline Recovery: Aid PSBs in recovering bad loans and improving balance sheets. Unlock Value: Maximize the value of distressed assets and boost investor confidence. Ease of Access: Provide a one-stop destination for buyers and investors to explore and bid on properties.
• Streamline Recovery: Aid PSBs in recovering bad loans and improving balance sheets.
• Unlock Value: Maximize the value of distressed assets and boost investor confidence.
• Ease of Access: Provide a one-stop destination for buyers and investors to explore and bid on properties.
• Features:
• Consolidated Listings: Over 122,500 properties, including residential, commercial, industrial, agricultural land, vehicles, and machinery. Technology-Driven: Built on microservices architecture with an automated payment gateway and integrated KYC tools. End-to-End Processes: Streamlined pre-auction, auction, and post-auction activities. Support System: Dedicated helpdesk and call center with callback options. Training: DFS-trained PSB executives and debt recovery tribunal (DRT) officers for effective usage.
• Consolidated Listings: Over 122,500 properties, including residential, commercial, industrial, agricultural land, vehicles, and machinery.
• Technology-Driven: Built on microservices architecture with an automated payment gateway and integrated KYC tools.
• End-to-End Processes: Streamlined pre-auction, auction, and post-auction activities.
• Support System: Dedicated helpdesk and call center with callback options.
• Training: DFS-trained PSB executives and debt recovery tribunal (DRT) officers for effective usage.
Insta links: