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Picture Courtesy:  https://ibclaw.in/baanknet-e-auction-portal-for-e-auction-of-properties-wwwbaanknet-com/

Context:

The Secretary of the Department of Financial Services (DFS) has launched a revamped e-auction portal called 'Baanknet', which consolidates information on all properties listed for e-auction by public sector banks (PSBs).

What is Baanknet?

It is a newly launched e-auction portal that consolidates information about properties put up for auction by public sector banks (PSBs).

It operates as a one-stop destination for buyers and investors, showing a wide range of properties such as residential, commercial, industrial, and agricultural assets.

What types of properties are listed on Baanknet?

The portal lists various properties, including:

• Residential properties like flats, independent houses, and open plots.
• Commercial properties, industrial land, shops, and buildings.
• Agricultural and non-agricultural land.
• Vehicles, plant and machinery.

What are the features of Baanknet?

Baanknet includes several advanced features:

• Simplified Processes: It covers pre-auction, auction, and post-auction stages within a single application.
• Integrated Payment Gateway: Users can make payments easily with an automated system.
• KYC Tools: Integrated tools ensure quick and secure identity verification.
• Open APIs: The platform uses a microservices-based architecture to enable third-party integrations.
• Dashboard and Reports: Users can access spend analytics and management information system (MIS) reports with a click.
• Customer Support: A dedicated helpdesk and call centre provide assistance, including callback request options.

How does Baanknet benefit public sector banks (PSBs)?

The platform supports PSBs by assisting in the recovery of distressed assets, improving their balance sheets, and enhancing credit availability to businesses and individuals.

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Source: 

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