New Delhi, Jan 3 (NationPress) The Finance Ministry on Friday unveiled the revitalized 'Baanknet' e-auction platform, which consolidates information on properties being sold by all public sector banks. This platform serves as a one-stop destination for buyers and investors to discover a diverse array of assets.

The listings encompass residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, along with agricultural and non-agricultural land.

During the launch, M. Nagaraju, Secretary of the Department of Financial Services within the Ministry of Finance, highlighted that the introduction of this platform would significantly facilitate the recovery process of public sector banks (PSBs), thereby improving their balance sheets and enhancing credit availability for businesses and individuals.

By centralizing the details of all properties in one location, the revamped portal streamlines the process of locating and engaging in property e-auctions, making it simpler for buyers and investors to identify valuable opportunities.

Nagaraju emphasized the crucial role played by PSBs, IBBI, and Debt Recovery Tribunals in this initiative.

He stated, "This platform is anticipated to boost the overall economic environment by unlocking the value of distressed assets and increasing investor confidence. With the application of technology, this process will be more transparent, efficient, and accessible."

The updated portal is equipped with enhanced features that encompass the entire pre-auction, auction, and post-auction processes within a single application.

It also includes an automated and integrated payment gateway and KYC tools, coupled with a microservices-based architecture featuring open APIs for third-party integration.

Additionally, the portal boasts a dashboard for 'Spend Analytics' and various 'MIS Reports' available at a click, and is supported by a dedicated helpdesk and call center with a callback request option for customers.

The Department of Financial Services has already conducted training on the features of the 'Baanknet' portal for executives of all PSBs and Recovery Officers in DRTs to ensure effective and efficient use of the portal.

Over 1,22,500 properties have already been migrated to the new portal for auction.

The launch event was attended by Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MDs and CEOs of PSBs, the Deputy CEO of the Indian Bank Association, senior executives of PSB Alliance Ltd., and senior officials from the Finance Ministry.