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