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News- The government launched the upgraded BAANKNET portal to improve transparency, efficiency, and value realization in PSU banks’ e-auctions of non-performing assets.
About BAANKNET portal
- It is an advanced e-auction portal designed for Public Sector Banks (PSBs) and financial institutions to auction properties for recovering Non-Performing Asset (NPA) loans.
- Nodal Ministry: Launched under the Ministry of Finance, Department of Financial Services.
- Key Features:
- Automated KYC & Secure Payments: Integrated KYC verification and secure payment gateways for safe transactions.
- Nationwide Property Listings: A centralized database for easy property search and sale across India.
- Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.
- Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.
- Widespread Use: Adopted by all 12 PSBs and the Insolvency and Bankruptcy Board of India (IBBI).
