FinMin launches BAANKNET, e-BKray to enhance PSU bank e-auctions

The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset cases

The Finance Ministry has launched a revamped e-auction portal named 'BAANKNET' to further streamline the listing and auctioning of banks' assets, Parliament was informed on Monday. 

The revamped e-auction portal was launched on January 3, 2025, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. The platform 'e-BKray' was launched in February 2019, he said. 

The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset (NPA) cases, he added. 

By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process, Chaudhary said. 

All 12 public sector banks and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country, he added. 

Replying to another question, Chaudhary said the Jan Samarth portal is a one-stop digital platform for linking 15 government-sponsored loans and subsidy schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant's data, he said. 

Further, he said, many banks and financial institutions have developed online platforms and mobile apps for end-to-end digital processing of loan applications, reducing the need for physical paperwork and in-person visits. 

In response to another question, Chaudhary said customers are eligible for five free transactions (including financial and non-financial transactions) every month from their own bank ATMs. 

They are also eligible for a fixed number of free transactions (inclusive of financial and non-financial transactions) from other bank ATMs -- three transactions in metro centres and five transactions in non-metro centres, he said. 

Beyond the free transactions, he said, charges are levied for each ATM transactions, as per the respective Board approved policies of banks, and the ceiling/cap is Rs 21 plus applicable taxes per transaction. 

State Bank of India (SBI) is the only public sector bank that is not losing money on cash withdrawals made from ATMs, according to data shared by the Finance Ministry. 

As per the data, SBI earned Rs 331 crore on this front, while all other 11 state-owned banks lost a combined Rs 925 crore during 2023-24.