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The revamped e-auction portal was launched by M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, on Friday in the national capital.
Over 1,22,500 properties have already been migrated to the new portal for e-auction.
Baanknet: How it works
In an official statement, the Ministry of Finance said that the ‘Baanknet’ platform consolidates information regarding the e-auction properties from all the PSBs and offers a one-stop destination to all interested buyers and investors to discover a wide range of assets.
Among the listings are residential properties like flats, independent houses and open plots. The innovative portal also features commercial properties such as industrial land and buildings, shops, vehicles, plant and machinery, and agricultural and non-agricultural land, read the statement.
Providing all this information on one platform, ‘Baanknet’ further simplifies the process of finding and participating in property e-auctions. Through this, buyers and investors have the easy option to identify valuable opportunities around the country.
‘More transparent, efficient, and accessible’
While launching the revamped portal, Nagaraju said that it would significantly aid PSBs’ recovery process, thereby improving their balance sheets, besides enhancing credit availability to individuals and businesses.
“This platform is expected to enhance the overall economic environment by unlocking the value of distressed assets and boosting investor confidence. With the use of technology, this process will be more transparent, efficient, and accessible,” Nagaraju said.
Baanknet: Key features
- It serves as a single portal providing the entire pre-auction, auction as well as post-auction journeys in a single application.
- Users here also get to take advantage of the automated and integrated payment gateway and KYC tools.
- It offers a microservices-based architecture with open application programming interfaces (APIs) for third-party integration.
- Users also get to experience the dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ with a click.
- It also has a dedicated helpdesk and call centre facility, providing a callback request facility to the customers.
How to use
To use the portal, buyers must register on Baanknet and provide all the essential details. To search for property up for e-auction, users can simply click on the ‘Property’ option on the homepage.
