New ‘BAANKNET’ Portal Launch: Over 1.2 Lakh Bank-Auctioned Properties Now Online

Those interested in buying distressed properties from banks through auction, in order to grab a value deal, can now do it through a revamped 'BAANKNET' portal.

The portal consolidates information from all public sector banks and offers a one-stop destination for buyers and investors to discover a wide range of assets across the country, the finance ministry said in a statement.

Interested buyers can follow simple steps to participate in the e-auction of properties. Over 1,22,500 properties that have already been migrated to the new portal for e-auction.

The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, and agricultural and non-agricultural land.

“By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities, it said.

While launching the portal on Friday, DFS Secy M Nagaraju emphasised that the introduction of this platform would significantly aid the recovery process of PSBs, thereby improving the balance sheets of banks and enhancing credit availability to businesses and individuals.

With the use of technology, this process will be more transparent, efficient, and accessible.”

The revamped portal is equipped with improved and enhanced features like frictionless user journeys, an automated and integrated payment gateway and KYC tools, and a dashboard feature on a click.

It also comes with features of a dedicated help desk and call centre facility with a callback request facility for the customers.

DFS has already provided training on features of the ‘Baanknet’ portal to executives of all PSBs and to all recovery officers in DRTs to ensure effective and efficient utilisation of the portal, it said.