The Finance Ministry launched the revamped ‘Baanknet’ e-auction portal which consolidates information on properties that all public sector banks are putting up for sale and offers a one-stop destination for buyers and investors to discover a wide range of assets.

• The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.
• M. Nagaraju, Secretary, Department of Financial Services of the Ministry of Finance, said the introduction of this platform would significantly aid the recovery process of public sector banks (PSBs), thereby improving their balance sheets and enhancing credit availability to businesses and individuals.
• By gathering the details of all properties in one place, the revamped portal simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.
• Nagaraju underlined the critical role played by PSBs, IBBI and Debt Recovery Tribunals in this initiative.