Context:
Financial Services Secretary M. Nagaraju on Friday unveiled the revamped ‘Baanknet’ portal for e-auction of properties, including commercial properties, industrial land, shops, vehicles, and agricultural and non-agricultural land.
Baanknet Portal
- A central platform for the e-auction of properties held by PSBs.
- Under the control of the Department of Financial Services, Ministry of Finance.
- Aims
- It aims to smooth out recovery, unlock value, and provide easy access for buyers and investors.
- It aims to smooth out recovery, unlock value, and provide easy access for buyers and investors.
- Features
- Unified Listings:
- This means that over 122,500 different kinds of properties, be it residential, commercial, industrial, agricultural, or vehicle auction, among others, are offered by this auction house.
- Technology-based Platform:
- This is built on microservices architecture for making it all scalable and flexible. Incorporates automated payment gateway and integrated KYC tools to be used for verification purposes.
- All-end Processes:
- Simplification of auction life cycle with provision for publicaion of property details, bidding instructions and post auction activities.
- Support System:
- It is dedicated to a help desk and a call center with an option for call back in cases of technical or procedural distress.
- Capacity Building for Effective Use:
- Public Sector Bank workers and officers from the Debt Recovery Tribunal trained by DFS help sellers and buyers in finalizing the auction process’s legal and procedural soundness.
- Unified Listings:
