Summary:

Mr. M. Nagaraju, Secretary of the Department of Financial Services, unveiled the revamped Baanknet e-auction platform in Delhi. The platform aims to assist the recovery process of public sector banks (PSBs) by strengthening their balance sheets and improving credit availability. Baanknet consolidates e-auction property information from all PSBs, offering a unified platform for bidders and investors. It leverages technology to enhance transparency, efficiency, and accessibility, thereby building investor confidence.

Baanknet lists a range of assets, including residential, commercial, industrial, and agricultural land. It simplifies e-auction participation by integrating the pre-auction, auction, and post-auction processes into a single platform. Features such as an automated payment gateway, KYC tools, a microservices-based architecture, and open API support improve the user experience. A dashboard, MIS reports, and a helpdesk with callback options enhance convenience. Over 122,500 properties have been transferred for auction, and PSB officials have been trained for effective platform utilization.

Source: IBEF

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