Government Launches BAANKNET and e-BKray to Enhance PSU Bank E-Auctions for Asset Sales

To improve the efficiency and transparency of bank e-auctions, the Department of Financial Services directed Public Sector Banks (PSBs) to redesign their e-auction platform. As a result, the “e-BKray” platform was launched on February 28, 2019. Further advancing this initiative, the government introduced the enhanced “BAANKNET” portal on January 3, 2025. This new platform is designed to streamline the listing and auctioning of assets, particularly focusing on the disposal of Non-Performing Assets (NPAs), ensuring secure transactions and maximizing the realized sale value of bank-owned properties.

Key Features of the BAANKNET Portal

• State-of-the-art Platform: A modern property listing and e-auction system tailored for banks and lending institutions to recover loans through efficient property sales.
• Robust Architecture: Designed for seamless accessibility via both mobile and web interfaces, ensuring ease of use for stakeholders.
• Automated KYC & Secure Payments: Integrated advanced Know Your Customer (KYC) verification tools and secure payment gateways to enhance transparency and security.
• Comprehensive Property Listings: Enables end-to-end property searches and sales across India, simplifying the auction process.
• User-friendly Navigation: Provides an intuitive interface for easy property search and participation in auctions.
• Smart Auctions & Fair Pricing: Utilizes intelligent auction mechanisms to ensure fair pricing and maximum value realization.
• Enhanced Transparency & Seamless Processes: Ensures reliability and trust in property transactions.
• Bank-Verified Titles: All listed properties have verified ownership, ensuring authenticity in transactions.

Implementation & Adoption

• The BAANKNET portal aims to enhance transparency and efficiency in resolving NPA cases.
• It integrates advanced technology to facilitate seamless property auctions.
• Currently, all 12 Public Sector Banks (PSBs) and the Insolvency and Bankruptcy Board of India (IBBI) are utilizing the platform for listing and auctioning properties nationwide.