Baanknet Portal

06.01.2025

Baanknet Portal

Why in the news?                        

The government recently launched a revamped e-auction portal, ‘Baanknet,’ in Delhi.

About Baanknet Portal:

• It is an e-auction portal that consolidates information on all properties that are put up for e-auction by public sector banks (PSBs).
• The portal is a one-stop destination for buyers and investors offering a wide range of properties.
• The listings on the new platform 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, and agricultural and non-agricultural land.
• By gathering all these details in one place, the portal simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.
• It significantly aids the recovery process of public sector banks (PSBs), thereby improving the balance sheet of banks and enhancing credit availability to businesses and individuals.
• More than 122,500 properties have already been migrated to the new portal for auction.

Features of the Baanknet Portal:

• The new portal is equipped with improved and enhanced features, including frictionless user journeys where the portal will have the entire pre-auction, auction, and post-auction journeys in a single application.
• It includes an automated and integrated payment gateway alongside KYC tools, all built on a microservices-based architecture that allows for third-party integration through open application programming interface (API).
• Users can benefit from a dashboard feature for easy access to ‘Spend Analytics’ and various ‘Management Information System (MIS) Reports’ at the click of a button.
• Additionally, a dedicated helpdesk and call centre facility with a callback request option ensures customer support.

                                                                          Source: Live Mint

What is the primary purpose of the ‘Baanknet Portal’, recently seen in the news?

A.To provide loans to small businesses.

B.To consolidate information on properties put up for e-auction by public sector banks.

C.To track the financial performance of public sector banks.

D.To facilitate online tax payments.

Answer B