Public sector banks' property e-auctions take a leap under BAANKNET

The new platform has improved the auction success rate to 14.7 per cent, up from 9 per cent under the previous system

Public sector banks’ (PSBs’) revamped property  e-auction platform, BAANKNET, has helped government lenders jack up the recovery of stressed assets. The new portal became operational on July 1 last year.

 

The average annual successful bid value rose to ₹15,731 crore during the 12-month period up to June this year, compared to just ₹5,267 crore garnered through the previous e-Bikray portal during the corresponding 12-month period up to 

June, 2024. 

All 12 national lenders and Insolvency and Bankruptcy Board of India (IBBI) are using BAANKNET for listing and disposing of non-performing asset (NPA) properties across the country. 

Ashwani Kumar, managing director and chief executive officer (MD & CEO) of UCO Bank, in an interview with Business Standard said that BAANKNET is proving to be a great help and that recently, the bank successfully auctioned assets worth over ₹200 crore through the platform. 

“It offers greater clarity compared to the previous system. A key game-changer is the ability to upload photos and videos of the properties, which enhances transparency for buyers. Interestingly, in some cases, once we list a defaulters’ details on the portal, they approach us for a One-Time Settlement and request more time, leading to higher inclination towards settlements. We witnessed a similar trend earlier when the NCLT process was introduced,” he added. 

BAANKNET became operational in most of the public sector banks from July 1, 2024 but formally launched in January 2025. The earlier property e-auction portal, e-Bikray, was introduced in February 2019 to centralise the listing of bank-owned properties for sale. According to a senior government official, the new platform has also improved the auction success rate to 14.7 per cent, up from 9 per cent under the previous system. 

During the period of July 1, 2024 to June 10, 2025, while 1,24,798 auctions were conducted, 18,361 auctions were successful. The Bank of Baroda (BOB) had the highest success rate among the PSBs at 44.86 per cent and the amount recovered was more than ₹3,900 crore.

 

 “The redesign of the e-auction mechanism and enhanced transparency in the process have directly contributed to higher bidder participation and better price discovery,” the official said on condition of anonymity.

 

This state-of-the-art innovative platform is a cutting-edge property listing and e-auction solution designed specifically for banks and lending institutions to streamline the recovery of non-performing asset (NPA) loans through efficient property auctions. 

 

The platform integrates automated KYC (know your customer) tools and secure payment gateways to ensure a transparent and secure auction process.

 

It offers comprehensive property listings, covering the entire journey from property “search” to “sale” for all types of properties across India, while its simplified navigation makes property search and auctions user-friendly and accessible. With smart auction mechanisms that ensure fair pricing and maximum value for listed properties, the platform guarantees transparency, efficiency, and stakeholder trust.

 

Additionally, all property titles are bank-verified, ensuring authenticity and reliability throughout the auction process.

 

However, a senior banking official on condition of anonymity said recovery actions in NPAs need to be further expedited, and the finance ministry has directed public sector banks to step up their efforts.