Now, you can easily buy anything from flats to residential and agricultural land, along with plants and machinery, in the auctions conducted by the bank. To make the auction process simple and accessible to everyone, M. Nagaraju, the Secretary of the Financial Services Department of the Finance Ministry, launched a portal called Banknet on Friday. All government banks will provide complete information about flats, houses, land, vehicles, machinery, and plants on this portal. Visiting the portal allows anyone to participate by accessing information about the properties up for auction. If you face any issues, call the customer service centre.
One Portal for All Your Needs
Previously, people had to search across various portals for houses, flats, and vehicles. Now, purchases can be made by searching on the Banknet portal as well. Currently, detailed information about 1,22,500 properties up for auction at various locations across the country has been uploaded on Banknet. Complete details, both before and after the auction, will be available on the portal.
अक्सर लोग बैंक द्वारा जब्त की हुई प्रॉपर्टी खरीदने में दिलचस्पी रखते हैं क्योंकि वो कई बार बेहद सस्ते में मिल जाती है।
ऐसे प्रॉपर्टी के लिए सरकार ने एक खास पोर्टल शुरू किया है ।#BAANKNET#Bankpropertyauction@RoyLakshman@DFS_India@FinMinIndia@nsitharamanpic.twitter.com/yM2dDPCUYV— CNBC-AWAAZ (@CNBC_Awaaz) January 3, 2025
Auction Details for Loan Defaulters’ Assets
Government banks recover money by auctioning properties, land, plants, machinery, and vehicles from loan defaulters. Banks usually advertise these auctions in newspapers to invite people to participate.
DFS Secretary launches revamped ‘#BAANKNET’ #e-auction portal for e-auction of #properties as one-stop destination. #GovtPolicies#AuctionProperties#NPAhttps://t.co/JbYD4hlVUb
— Dr. Sanjay Murari Chaturvedi, PhD (@sanjachat) January 5, 2025
Transparency and Trust in the Auction Process
With all government banks now sharing auction information (Bank Auction Properties) on Banknet, more people will be able to participate, potentially driving up the auction price. The portal ensures complete transparency, minimizing the risk of fraud for customers who wish to make purchases.