Government launches revamped e-auction portal BAANKNET

The Finance Ministry on Monday introduced a renovated e-auction system called "BAANKNET" to help more efficiently list and auction banks' assets. Minister of State for Finance Pankaj Chaudhary stated in a written response to the Lok Sabha that the updated e-auction portal went live on January 3, 2025.

He said the system "e-BKray" started in February 2019. He said the BAANKNET platform is particularly meant to improve openness and accelerate the handling of non-performing asset (NPA) issues.

The platform guarantees a great degree of openness all through the property auction process by using modern technology and combining automated KYC tools, safe payment methods, and bank-verified property titles, Chaudhary added.

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He said all 12 public sector banks and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for nationwide property auction and listing. Linking 15 government-sponsored loans and subsidies programs, the Jan Samarth site provides a one-stop digital tool.

According to him, it offers a fast and effective means to apply for loans and get approvals depending on a computerised assessment of the applicant's information.

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Moreover, he claimed, several banks and financial institutions have created mobile apps and online systems for end-to-end digital processing of loan applications, hence lowering the need for physical documentation and in-person visits.

As per officials, the customers are eligible for five free transactions (including financial and non-financial transactions) every month from their own bank ATMs.

They are also eligible for a fixed number of free transactions (inclusive of financial and non-financial transactions) from other bank ATMs -- three transactions in metro centres and five transactions in non-metro centres.

Beyond the free transactions the charges are levied for each ATM transactions, as per the respective Board-approved policies of banks, and the ceiling/cap is Rs 21 plus applicable taxes per transaction.

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