Secretary of DFS Launches Revamped ‘Baanknet’ E-Auction Portal to Streamline Property Auctions

The revamped Baanknet portal is equipped with several advanced features designed to enhance the user experience and improve auction transparency.

Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), Ministry of Finance, officially launched the revamped e-auction portal ‘Baanknet’ in New Delhi today. This initiative aims to consolidate and streamline the process of e-auctioning properties across Public Sector Banks (PSBs), providing a comprehensive, user-friendly platform for potential buyers and investors.

The launch event was attended by several key figures, including the Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MDs and CEOs of PSBs, Deputy CEO of the Indian Bank Association, senior executives from PSB Alliance Ltd., and senior officers from the DFS.

The new Baanknet portal consolidates property listings from all PSBs, including residential properties such as flats, independent houses, open plots, as well as commercial properties, industrial land, vehicles, plant and machinery, agricultural and non-agricultural land. This aggregation provides a single destination for investors and buyers to explore a wide variety of assets available for auction.

The revamped Baanknet portal is equipped with several advanced features designed to enhance the user experience and improve auction transparency. Notable improvements include:

• Frictionless User Experience: A streamlined, single application that covers the entire pre-auction, auction, and post-auction process.
• Automated Payment and KYC Integration: The platform integrates a payment gateway and Know Your Customer (KYC) tools for seamless transactions.
• Microservices Architecture: The portal uses an open API architecture, enabling third-party integration and enhancing flexibility.
• Dashboard for Analytics: A dashboard feature allows users to access ‘Spend Analytics’ and various Management Information System (MIS) reports at the click of a button.
• Customer Support: A dedicated helpdesk and call center, with a callback facility, ensuring prompt support for users.

Significance of the Platform in Economic Recovery

In his address, Shri Nagaraju highlighted the vital role that Baanknet will play in improving the financial health of PSBs by facilitating the recovery of distressed assets. He emphasized that the platform will contribute to the enhancement of credit availability for businesses and individuals, thereby fostering a more robust economic environment. By unlocking the value of these distressed assets, the platform is expected to boost investor confidence and promote greater economic stability.

Shri Nagaraju further mentioned that the collaboration between PSBs, the Insolvency and Bankruptcy Board of India (IBBI), and Debt Recovery Tribunals (DRTs) would be critical to the success of this initiative.

Training and Property Migration

To ensure efficient use of the new portal, the DFS has already conducted training sessions for executives from all PSBs and Recovery Officers in DRTs. Over 1,22,500 properties have already been migrated to the new Baanknet portal, ready for auction.

This strategic move is part of the government's broader effort to enhance the recovery process and foster an environment conducive to economic growth and investment. By leveraging technology, Baanknet aims to provide greater transparency, efficiency, and accessibility in property auctions.