DFS launches revamped 'Baanknet' e-auction portal for PSB properties
The one-stop portal consolidates e-auction listings of all public sector banks; over 1,22,500 properties have been migrated.
Summary
The revamped 'Baanknet' e-auction portal was launched by Department of Financial Services Secretary M. Nagaraju in New Delhi on 3 January 2025. The Baanknet portal consolidates e-auction property listings from all public sector banks — including flats, houses, plots, commercial and industrial property, vehicles, plant and machinery, and land — as a one-stop destination for buyers and investors. M. Nagaraju said the platform will aid recovery by PSBs, and the Ministry of Finance said over 1,22,500 properties have already been migrated to the new portal.
Key facts
- Date
- 3 January 2025, New Delhi
- Launched by
- M. Nagaraju, Secretary, Department of Financial Services
- Purpose
- One-stop e-auction portal for properties of all public sector banks
- Properties migrated
- Over 1,22,500
- Features
- Single pre-auction to post-auction journey; integrated payment gateway and KYC; open APIs; spend analytics dashboard; helpdesk and call centre
Practice MCQs 3 questions
What is 'Baanknet', revamped and launched on 3 January 2025?
Show answer
Correct answer: B — An e-auction portal for properties of public sector banks
PIB (Finance): DFS Secretary launched the revamped e-auction portal 'Baanknet', which consolidates e-auction properties of all PSBs.
Who launched the revamped Baanknet portal on 3 January 2025?
Show answer
Correct answer: C — M. Nagaraju, Secretary, Department of Financial Services
PIB (Finance): Shri M. Nagaraju, Secretary, Department of Financial Services, launched the revamped portal in New Delhi.
According to the Ministry of Finance, roughly how many properties had already been migrated to the revamped Baanknet portal at launch?
Show answer
Correct answer: D — Over 1,22,500
PIB (Finance): over 1,22,500 properties have already been migrated to the new portal for auction.