Govt launches revamped ‘Baanknet’ portal, one-stop destination for e-auction of properties

Financial Services Secretary M Nagaraju on Friday launched the revamped e-auction portal, ‘Baanknet,’ a one-stop destination for buyers and investors seeking a wide range of properties through public sector bank (PSB) e-auctions.

The portal consolidates property listings from all PSBs, offering access to residential assets such as flats, independent houses, and open plots, as well as commercial properties, industrial land, shops, vehicles, machinery, and agricultural and non-agricultural land.

By bringing these listings together, the platform simplifies the process for buyers and investors to discover and participate in property auctions.

Speaking at the launch, Nagaraju said the platform would aid PSBs in recovering non-performing assets, strengthen their balance sheets, and improve credit availability.

“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,” he said.

The event was attended by senior officials, including chairpersons of Debt Recovery Appellate Tribunals, presiding officers of Debt Recovery Tribunals, MDs and CEOs of PSBs, senior executives from PSB Alliance Ltd., and representatives from the Indian Banks' Association.

The new portal includes improved features such as an integrated pre-auction, auction, and post-auction process, automated payment gateways, and KYC tools. It also boasts a microservices-based architecture with open APIs for third-party integration and an advanced dashboard for analytics and management information system reports.

DFS has already conducted training sessions for PSB executives and recovery officers of Debt Recovery Tribunals to ensure the effective utilisation of the upgraded 'Baanknet' portal. More than 1.22 lakh properties have been migrated to the portal, ready for auction.