Banknet Portal: Govt has launched a new portal named ‘BAANKNET’ for e-auction of properties – Details Here

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Banknet: The government has launched a new portal named ‘Banknet’ for e-auction of commercial properties, industrial land, shops, vehicles and other properties. Financial Services Secretary M Nagaraju introduced it on Friday. This portal provides all the information at one place for buyers and investors.

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Salient features of Banknet Portal

• Detailed list of properties:flats, independent houses, plots, commercial and industrial properties, shops, vehicles, plants and agricultural/non-agricultural land information
• All in one place:Data of all e-auctioned properties of public sector banks available on a single platform
• Easy process:Everything from property information to participating in auctions is simple and transparent

Bancnet Portal New Features

• Automated Payment Gateway
• KYC Tools
• Dashboard for spend analysis
• MIS Report in one click
• Helpdesk and Call Center

How will it be beneficial?

• Recovery of banks’ dues will become easier:Sale of stressed assets will improve the financial performance of banks.
• Great opportunity for investors:Information on various assets on a single platform will give investors better options.
• Transparency and Efficiency:Use of technology makes the process more secure and faster.

1.22 lakh properties already added

1.22 lakh properties have already been transferred on the portal. Apart from this, public banks and recovery officers have been trained in the use of ‘Banknet’. M Nagaraju said that this initiative will not only help in improving the condition of banks but will also increase the confidence of investors. This step will also strengthen India’s economic progress. E-auction of properties with ‘Banknet’ will now be simple, transparent and beneficial for investors. Both banks and buyers will benefit from this portal. A link will be made available soon to visit this portal.

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