DFS Secy launches ‘BAANKNET’ portal, a one-stop hub for property e-auction

New Delhi: Financial Services Secretary M Nagaraju on Friday launched the revamped ‘Baanknet’ portal for e-auction of properties including commercial properties, industrial land, shops, vehicles, and agricultural and non-agricultural land.

This platform consolidates information on e-auction properties from all Public Sector Banks (PSBs) and offers a one-stop destination for buyers and investors to discover a wide range of assets, the Finance Ministry said in a statement. The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land, it said.

By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities, the statement said.

Speaking at the occasion, Nagaraju emphasised that the introduction of this platform would significantly aid the recovery process of PSBs, thereby improving the balance sheets of banks and enhancing credit availability to businesses and individuals.

He underlined the critical role played by PSBs, Insolvency and Bankruptcy Board of India (IBBI) and Debt Recovery Tribunals (DRTs) in this initiative and that their collaboration is the key to this platform’s success.