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DFS Secretary launches revamped ‘BAANKNET’ e-auction portal for e-auction of properties as one-stop destination.

App and Web Portal | Dated: 06 Jan 2025

On January 03, 2025, Nagaraju Maddirala, Secretary of the Department of Financial Services (DFS), Ministry of Finance (MoF), launched the revamped e-auction portal 'Bank Asset Auction Network (BAANKNET)' in New Delhi, Delhi. This portal is designed for the e-auction of properties from all Public Sector Banks (PSBs).

🎯 Key Highlights:

  • - The portal serves as a one-stop platform for buyers and investors, providing an easy way to explore various assets, participate in property e-auctions, and discover valuable opportunities.
  • - The portal features listings of various assets, including residential properties such as flats, independent houses, open plots, commercial spaces, industrial lands and buildings, shops, vehicles, machinery, and agricultural as well as non-agricultural land. It assists PSBs in recovering dues, strengthening their balance sheets, and improving credit availability for businesses and individuals.
  • - The successful collaboration between PSBs, the Insolvency and Bankruptcy Board of India (IBBI), and Debt Recovery Tribunals (DRTs) will be crucial to the initiative's success.

💡 Other Important Facts:

  • (i) The DFS has conducted training sessions for executives of all PSBs and recovery officers in Debt Recovery Tribunals (DRT) to ensure effective and efficient use of the 'BAANKNET' portal. Over 1,22,500 properties have already been transferred to the portal, ready for auction.
  • (ii) The BAANKNET platform features a frictionless user journey across the entire auction process, an automated payment gateway, and integrated Know Your Customer (KYC) tools.
  • (iii) Built on a microservices-based architecture, the platform offers an open API for seamless integration with third-party services and provides a dashboard for 'Spend Analytics' and various Management Information System (MIS) reports, along with a dedicated helpdesk and call center.

📚 Test Your Knowledge:

What is the name of the revamped e-auction portal launched recently by DFS Secretary Nagaraju Maddirala for Public Sector Bank properties?

Correct Answer: BAANKNET

🚀 Quick Recap:

About Department of Financial Services (DFS)

  • Secretary : Nagaraju Maddirala
  • Headquarters : New Delhi