Public sector banks to set up app for e-auctioning 5,00,000 properties: Report

An e-auction app will be set up by state-run banks to dispose of about 5,00,000 properties over the next five years, according to a media report.

A senior bank executive told the Economic Times, the target is that in the next five years, around six lakh transactions be done through the app, which include over one lakh auctions, and loan applications for those properties.

The app is expected to act as a repository for all information, data and documents, which will be easily retrievable.

Bidders will login to the app to search listed properties with all auction details, according to the proposal. "Interested bidders will be redirected to the auction engine to participate in the e-auction," the executive told.

Meanwhile, the proposed model will also be available through a web portal and will have an automated KYC tool, payment gateway and auction engine.

Earlier, in 2019, eBkray, an e-auction platform to enable online auction of attached assets by banks was launched.

The eBkray platform provides navigational links to all public sector banks' (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.

"There has been information asymmetry when bank attached assets are auctioned which will come to an end with the launch eBkray," Finance Minister Nirmala Sitharaman had said, while launching the platform.

As per another executive, the current web portal was developed in-house using legacy and outdated tools and technologies.

"PSB alliance will develop a new app that also includes development of new functionalities and the migration of existing portal features with a disaster recovery option in place," the executive told Economic Times.

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