Revolutionizing Property E-Auctions: 'Baanknet' Portal Unveiled

'Baanknet' is a revamped e-auction portal launched by Financial Services Secretary M Nagaraju. It consolidates e-auctions from Public Sector Banks, simplifying the property auction process. The platform aims to assist banks in recovering non-performing assets and enhance credit availability, boosting investor confidence through transparent technology.

In a move aimed at transforming property e-auctions, Financial Services Secretary M Nagaraju has unveiled the revamped 'Baanknet' portal. This innovative platform consolidates listings from all Public Sector Banks, providing a seamless destination for buyers and investors.

The 'Baanknet' portal offers a comprehensive array of properties, from residential to commercial, industrial lands to vehicles. This integration simplifies discovery and participation in e-auctions, fostering easier access to valuable assets for interested parties.

Nagaraju highlighted that this initiative will significantly aid in the recovery of distressed assets, improve the balance sheets of banks, and boost investor confidence. The portal promises transparency and efficiency, thanks to advanced technological features and support services.

(With inputs from agencies.)