Finance Minister launches ‘eBkray’ auction platform for assets attached by banks

Union Finance Minister Nirmala Sitharaman has launched eBkray or eBक्रय,  an common e-auction platform to enable online auction of attached assets transparently and cleanly for the improved realization of value by banks. The e-auction platform is now linked on Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal and guidelines have been made available.

About eBkray platform

Objective of Portal: To enhance user experience through seamless access to information by search based on type and location of property put up for e-auction by banks in India.

It will provide navigational links to all Public Sector Banks (PSBs) e-auction sites, property search feature and will present single-window access to information on properties up for e-auction, comparison of similar properties, as well as contains videos and photographs of uploaded properties.

The platform will help buyer to easily navigate to bank e-auction site after a notified property is selected. It also helps user to search property using State-wise, District-wise and bank-wise details.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal

It is an initiative of Indian Banks Association (IBA) under policy of Department of Financial Services (DFS), Union Ministry of Finance, to provide details of mortgaged properties to be auctioned online by banks, starting with PSBs. Buyers can use the IBAPI portal to search and get properties details and participate in auction process. Currently, 21 banks are onboard on this portal.

Month: Current Affairs - December, 2019