Explanation – The Baanknet portal is a revamped e-auction platform launched by the Department of Financial Services (DFS) to consolidate property listings from all Public Sector Banks (PSBs). Its primary purpose is to facilitate property auctions, including residential, commercial, industrial lands, and other assets, to help banks recover distressed assets and improve their balance sheets. The portal aims to simplify the auction process, enhance transparency, and boost investor confidence by integrating advanced technological features.

Source: AIR