DFS Secretary launches revamped ‘BAANKNET’ portal for e-auction of properties as one-stop vacation spot, ETCFO
Monetary Companies Secretary M Nagaraju on Friday launched the revamped ‘Baanknet’ portal for e-auction of properties together with industrial properties, industrial land, retailers, automobiles, and agricultural and non-agricultural land. This platform consolidates info on e-auction properties from all Public Sector Banks (PSBs) and affords a one-stop vacation spot for patrons and traders to find a variety of belongings, the Finance Ministry mentioned in a press release.
The listings embrace residential properties akin to flats, impartial homes, and open plots, in addition to industrial properties, industrial land and buildings, retailers, automobiles, plant and equipment, agricultural and non-agricultural land, it mentioned.
By gathering all these particulars in a single place, it simplifies the method of discovering and taking part in property e-auctions, making it simpler for patrons and traders to establish invaluable alternatives, it mentioned.
Talking on the event, Nagaraju emphasised that the introduction of this platform would considerably support the restoration means of PSBs, thereby enhancing the stability sheets of banks and enhancing credit score availability to companies and people.
He underlined the essential position performed by PSBs, Insolvency and Chapter Board of India (IBBI) and Debt Restoration Tribunals (DRTs) on this initiative and that their collaboration is the important thing to this platform’s success.
Nagaraju mentioned, “this platform is predicted to boost the general financial atmosphere by unlocking the worth of distressed belongings and boosting investor confidence. With the usage of know-how, this course of will likely be extra clear, environment friendly, and accessible.”
The revamped portal is provided with improved and enhanced options like frictionless consumer journeys, automated and built-in fee gateway and KYC instruments, dashboard characteristic for ‘Spend Analytics’ and numerous ‘MIS Reviews’ on a click on.
It additionally comes with options of a devoted assist desk and name centre facility with callback request facility for the purchasers.
The Division of Monetary Companies (DFS) has already supplied coaching on options of ‘Baanknet’ portal to executives of all PSBs and to all Restoration Officers in DRTs to make sure efficient and environment friendly utilisation of the portal, it mentioned.
Additional, it mentioned, over 1,22,500 properties have already been migrated to the brand new portal for public sale.
