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Finance Minister Sitharaman launches 'eBkray' auction platform for assets attached by banks

BusinessToday.In     December 28, 2019

Finance Minister Nirmala Sitharaman today launched eBkray, an e-auction platform to enable online auction of attached assets by banks.

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.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the policy of the Department of Financial Services (DFS), Ministry of Finance, to provide details of mortgaged properties to be auctioned online by banks, starting with PSBs.

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

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

As on December 27, 2019, a total of 35,000 properties had been uploaded on the e-auction platform by PSBs, Finance Ministry said in a statement. 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.

Sitharaman was holding a review meeting of the banking sector with Chairman and Managing Directors of Public Sector Banks (PSBs) in the national capital. Rajeev Kumar, Finance Secretary, Atanu Chakraborty, Secretary, DEA and AB Pandey, Revenue Secretary, were also present in the meeting.

The purpose of this portal is 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.

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.

(Edited by Vivek Dubey)

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