By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities, it said.
Speaking at the occasion, Nagaraju emphasised that the introduction of this platform would significantly aid the recovery process of PSBs, thereby improving the balance sheets of banks and enhancing credit availability to businesses and individuals.
He underlined the critical role played by PSBs, Insolvency and Bankruptcy Board of India (IBBI) and Debt Recovery Tribunals (DRTs) in this initiative and that their collaboration is the key to this platform’s success.
Nagaraju said, “this platform is expected to enhance the overall economic environment by unlocking the value of distressed assets and boosting investor confidence. With the use of technology, this process will be more transparent, efficient, and accessible.” The revamped portal is equipped with improved and enhanced features like frictionless user journeys, automated and integrated payment gateway and KYC tools, dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click. It also comes with features of a dedicated help desk and call centre facility with callback request facility for the customers.
The Department of Financial Services (DFS) has already provided training on features of ‘Baanknet’ portal to executives of all PSBs and to all Recovery Officers in DRTs to ensure effective and efficient utilisation of the portal, it said.
Further, it said, over 1,22,500 properties have already been migrated to the new portal for auction.
