New Delhi: The Finance Ministry has launched a revamped e-auction platform, BAANKNET, to improve the auction process for assets held by public sector banks (PSBs). The move aims to enhance transparency and speed up the sale of properties linked to non-performing assets (NPAs).
New e-Auction System for PSU Banks
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that BAANKNET was launched on 3 January 2025 as an upgraded version of the existing e-BKray platform, which has been in use since February 2019.
The new platform integrates automated KYC verification, secure payment gateways, and bank-verified property titles to ensure a streamlined auction process. All 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) have started using BAANKNET for listing and auctioning properties across the country.
The government aims to reduce delays and improve buyer confidence in bank-led property auctions by leveraging advanced technology.
Digital Push in Loan Approvals
Responding to another query in Parliament, Chaudhary said the government’s Jan Samarth portal provides a digital gateway to 15 government-sponsored loan and subsidy schemes.
The platform evaluates applicants’ data digitally, reducing the need for paperwork and in-person visits. Many banks have also introduced end-to-end digital loan processing to streamline approvals.
ATM Transaction Limits and Charges
Chaudhary also clarified ATM transaction limits for customers. Account holders can make five free transactions(financial and non-financial) per month at their own bank’s ATMs. They can also make up to three free transactions in metro cities and five in non-metro cities at ATMs of other banks.
Beyond these limits, banks charge Rs 21 plus applicable taxes per transaction, based on board-approved policies. Among public sector banks, only the State Bank of India (SBI) is not incurring losses on ATM cash withdrawals, as per Finance Ministry data. The government continues to push for digital solutions in banking and financial services, aiming to enhance efficiency and transparency.
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