Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Put words in double quotes for exact word search, eg: "income tax"
  2. Avoid noise words such as : 'and, of, the, a'
  3. Sort by Relevance to get the most relevant document.
  4. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  5. Text Search
  6. The system will try to fetch results that contains ALL your words.
  7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  8. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Expand ❯❯
Close ✕
🔎 News - Adv. Search
    Congress seeks court-monitored CBI probe into organic cotton 'scam' in MP
    Two village panchayats in Punjab's Faridkot pass resolution against same-village marriages
    Thailand, Cambodia trade fresh attacks, accusations as allies call for ceasefire
    Trump plays golfs in Scotland while protesters take to streets, decry his visit
    India will be Maldives' crucial partner: Prez Muizzu
    Senior Google executives meet J&K CM Omar Abdullah
    'Historic' FTA with Britain shows world's trust in India: PM Modi
    Himachal govt to auction securities worth Rs1,000 crore
    HIGHLIGHTS
    Centre planning dedicated cargo terminal in Thoothukudi: Union Minister Rammohan Naidu
    Voters in Taiwan reject bid to oust China-friendly lawmakers in closely watched poll
    Maintaining sustained growth top priority, says FM Sitharaman
    PM Modi inaugurates, dedicates to nation Rs 4,900 crore worth projects in TN
    Air India pays interim compensation to families of 166 Ahmedabad crash victims
    Exclusion of Aadhaar, ration cards in SIR 'patently absurd': Petitioner NGO to SC
    India-UK free trade agreement 'game-changing', every section stands to benefit: Goyal
    Trump plays golf in Scotland while protesters take to the streets and decry his visit
    Defence forces once waited for order from Delhi, now giving befitting reply: Nadda
    PM Modi departs for home after concluding visit to Maldives
    TMC MP accuses BJP-ruled states of harassing Bengali-speaking migrants

Are you sure you want to delete "My most important" ?

NOTE:

Back

All News

Showing Results for : Category : All
Reset Filters
Showing
Records
ExpandCollapse
    Back

    All News

    Showing Results for : Category : AllReset Filters
    Case ID :

    DFS Secretary launches revamped ‘BAANKNET’ e-auction portal for e-auction of properties as one-stop destination

    January 3, 2025

    📋
    Contents
    Summary
    Note

    Note

    Note

    Bookmark

    print

    Print

    Listings on the e-auction portal 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

    Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi, today.

    The launch was also attended by Chairpersons of the Debt Recovery Appellate Tribunals, Presiding Officers of Debt Recovery Tribunals, MD and CEOs of the Public Sector Banks (PSBs), Deputy CEO of Indian Bank Association, Senior executives of PSB Alliance Ltd., and senior officers of DFS.

    This platform consolidates information on e-auction properties from all PSBs 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. 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.

    In his address on the occasion, Shri 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. Shri Nagaraju underlined the critical role played by PSBs, IBBI and DRTs in this initiative and that their collaboration is the key to this platform's success.

    Shri 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 new portal is equipped with improved and enhanced features:

    • Frictionless user journeys - Single Portal with the entire pre-auction, auction, and post-auction journeys in a single application
    • Automated and integrated payment gateway and KYC tools
    • Microservices based architecture with open APIs for 3rd party integration
    • Dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click
    • Dedicated helpdesk and call centre facility with callback request facility for the customers

    The 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. Further, over 1,22,500 properties have already been migrated to the new portal for auction.

    Topics

    ActsIncome Tax