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‘eBkray’ - online auction platform for assets attached by banks

  • Category
    Economy
  • Published
    8th Jan, 2020

Recently, Union Finance Minister launches 'eBkray' auction platform for assets attached by banks.

Context

  • eBkray is an e-auction platform to enable online auction of attached assets by banks.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal

It is an initiative of Indian Banks Association under the policy of the Department of Financial Services, Ministry of Finance to provide a platform to provide details of mortgaged properties to be auctioned online by Banks, starting with PSBs.

  • The eBkray platform provides navigational links to all PSB e-auction sites, property search feature and presents single-window access to information on properties up for e-auction, comparison of similar properties, and also contains videos and photographs of the uploaded properties.
  • Buyers can use IBAPI portal to search and get properties details and participate in the auction process. Presently 21 banks are onboard on this portal
  • Currently, there are 2,457 residential, 576 commercial, 333 industrial and 18 agricultural properties are available on eBkray platform among others.
  • PSBs have attached assets worth over Rs 2.3 lakh crore in the last three fiscal years.

Objectives of eBkray

  • To enhance user experience through seamless access to information by the search based on the type and location of the property put up for e-auction by the banks in India.
  • To enable online auction of attached assets transparently and cleanly for the improved realization of value by banks.
  • 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 also helps the buyer to easily navigate to the bank e-auction site after a notified property is selected. It also helps the user to search property using State-wise, District-wise and bank-wise details.

Need

  • There has been information asymmetry when bank attached assets are auctioned which will come to an end with the launch eBkray.
  • Simplify auction process

Conclusion

The e-auction platform is now linked on Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal and guidelines have been made available which will help banks in the release of cash trapped in mortgaged assets. It will also bring transparency in the process.

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