India launches BAANKNET for transparent PSU bank auctions

The government has launched a new e-auction portal called BAANKNET to help Public Sector Banks (PSBs) sell Non-Performing Assets (NPAs) more effectively. This platform aims to improve transparency and speed in the auction process. BAANKNET was introduced on January 3, 2025, according to a statement from Pankaj Chaudhary, a Minister in the Ministry of Finance. It replaces an older platform called e-BKray, which had been in use since February 2019. The new portal supports the enhanced listing and auctioning of bank assets. The BAANKNET portal has several key features. It offers a modern interface for property listings and auctions, making it easier for banks and borrowers to recover loans. The system is accessible on both mobile and web platforms, ensuring reliability for all users. To ensure security, BAANKNET includes automated Know Your Customer (KYC) processes and secure payment options. It also provides comprehensive property listings, simplifying the auction journey from search to sale. With smart auction features, BAANKNET aims to promote fair pricing and maximize profits for listed properties. The platform is designed to enhance stakeholder trust through its transparent auction processes. All 12 Public Sector Banks and the Insolvency and Bankruptcy Board of India are now using this platform for property listings and auctions nationwide.