Finance Ministry's BAANKNET Revolutionizes Bank Asset Auctions

The Finance Ministry has introduced 'BAANKNET', a new e-auction portal designed to improve the transparency and efficiency of bank asset auctions. Launched on January 3, 2025, the platform incorporates advanced technology for handling non-performing assets, involving public sector banks and IBBI, while enhancing digital banking processes in India.

The Finance Ministry has stepped up its efforts to streamline bank asset auctions by unveiling a new e-auction portal named 'BAANKNET'. This state-of-the-art platform was officially launched on January 3, 2025, as per Minister of State for Finance, Pankaj Chaudhary's statement in the Lok Sabha.

Designed to increase the efficiency of handling non-performing asset (NPA) cases, BAANKNET leverages advanced technology, including automated KYC tools and secure payment gateways, to ensure transparency. The portal's features promise a more efficient auctioning system, supporting public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) across the country.

In addition to asset auctions, digital banking initiatives are advancing. The Jan Samarth portal simplifies access to loans and subsidies, while banks and financial institutions increasingly adopt online and mobile platforms for seamless digital loan processing. Meanwhile, data from the Finance Ministry reveal that the State Bank of India is the only public sector bank profiting from ATM cash withdrawals, unlike other state-owned banks facing losses.

(With inputs from agencies.)