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