‘Banknet’ e-Auction Portal

Why in News?

• Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance launched the revamped e-auction portal ‘Banknet’ in New Delhi.

‘Banknet’ e-Auction Portal:

• This platform collates information about e-auctioned properties from all Public Sector Banks (PSBs).
• By collating all these details at one place, it simplifies the process of finding and participating in e-auctions.
• This makes it easier for buyers and investors to identify opportunities.
• Various types of properties are auctioned on this portal, such as:
  • Commercial properties
  • Industrial land
  • Shops
  • Vehicles
  • Agricultural and non-agricultural land; etc.

Features of the Portal:

• Complete auction (pre, auction and post-auction) access
• Automated and integrated payment gateways and KYC tools
• Dashboard facility for one click ‘spend analysis’
• Dedicated helpdesk and call centre facility with callback request facility for customers

Significance:

• The launch of this platform will greatly help the recovery process of public sector banks.
• It will improve the balance sheets of banks and increase credit availability for businesses and individuals.