News

MoF Launches BAANKNET and e-Bkray to Boost PSU Bank E-Auctions for Asset Sales.

App and Web Portal | Dated: 26 Mar 2025

The Ministry of Finance (MoF) has launched a revamped e-auction portal 'BAANKNET (Bank Asset Auction Network),' originally launched in January 2025, to further streamline the listing and auctioning of banks' assets.

🎯 Key Highlights:

- The portal is specifically designed to enhance transparency and expedite the process of disposing of Non-Performing Asset (NPA) cases.
- In addition, the platform 'e-Bkray,' launched in February 2019, aims to boost the sale value realized through bank e-auctions. Both portals have been developed by the Department of Financial Services, MoF.
- The BAANKNET portal offers key features to enhance the property auction process, ensuring transparency by integrating automated Know Your Customer (KYC) tools, secure payment gateways, and bank-verified property titles.

💡 Other Important Facts:

(i) Currently, all 12 Indian Public Sector Banks (PSBs) and the Insolvency and Bankruptcy Board of India (IBBI) use this platform for listing and auctioning properties across India.
(ii) The portal's robust architecture ensures reliability and accessibility through both mobile and web interfaces. It also provides comprehensive property listings, streamlining the auction process from property search to sale for all types of properties across India.
(iii) With a simplified navigation system, the portal offers an easy-to-use interface for property search and auctions, making the process user-friendly and accessible. Additionally, it ensures that all property titles are bank-verified, further enhancing the platform's credibility.

📚 Test Your Knowledge:

Which ministry recently launched the BAANKNET and e-Bkray portals to boost PSU bank e-auctions for asset sales?

Correct Answer: Ministry of Finance

🚀 Quick Recap:

About Ministry of Finance (MoF)

Minister : Smt. Nirmala Sitharaman
Headquarters : New Delhi