The Indian government has launched an enhanced e-auction platform, BAANKNET, to improve the efficiency and transparency of property sales by Public Sector Banks (PSBs). This follows the initial launch of e-BKray in 2019 and aims to aid in the resolution of Non-Performing Assets (NPAs) through secure transactions and maximum value realization.

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• Government launches the BAANKNET portal on January 3, 2025, to enhance PSU bank e-auctions.
• The new portal streamlines asset listings and auctions, focusing on NPAs.
• BAANKNET is designed for mobile and web access, offering a modern platform for property sales.
• Key features include automated KYC verification and secure payment gateways for enhanced security.
• The portal offers comprehensive property listings and easy participation in auctions.
• Intelligent auction mechanisms ensure fair pricing and maximize realized sale value.
• All properties listed on BAANKNET are bank-verified, ensuring authenticity and trust.
• 12 Public Sector Banks and the Insolvency and Bankruptcy Board of India (IBBI) are using BAANKNET for asset sales.
• The platform is aimed at improving transparency, efficiency, and the recovery process of NPA loans.
• BAANKNET replaces the e-BKray platform, which was introduced in 2019, continuing the push for more efficient asset disposal.