BTL 805 - BAANKNET

 

The Banking Tutor’s Lessons

BTL 805                                                                   18-07-2025

BAANKNET

BAANKNET, which stands for Bank Asset Auction Network, is an e-auction platform launched by the Indian government in January 2025 to facilitate the recovery of Non-Performing Assets (NPAs) by public sector banks (PSBs). 

Centralized Platform: It acts as a single platform consolidating information about properties, vehicles, and other assets put up for e-auction by all 12 PSBs, streamlining the process for potential buyers and investors. 

Focus on NPA Recovery: The primary purpose is to help banks recover outstanding loans by efficiently auctioning the assets pledged against them.

Wide Range of Assets: BAANKNET lists a diverse range of assets including residential properties (flats, independent houses, plots), commercial properties, industrial land and buildings, shops, vehicles, and even plant and machinery. 

Enhanced Transparency and Efficiency: The platform is designed to increase transparency and speed up the auction process through features like automated KYC tools and secure payment gateways. 

User-friendly Interface: It provides a user-friendly interface for searching and participating in auctions, making it accessible to a wider audience. 

Successor to e-Bkray: BAANKNET was launched as a revamped and improved version of the previous platform, e-BKray, launched in February 2019.

Promoted by PSB Alliance: BAANKNET is owned and operated by PSB Alliance Private Limited, a company jointly owned by the 12 PSBs, and is supported by the Insolvency and Bankruptcy Board of India (IBBI).   

BAANKNET aims to modernize and streamline the process of disposing of banks' assets, particularly in cases of loan default, fostering a more efficient and transparent financial system in India. 

Sekhar Pariti

+91 9440641014