New Delhi: Finance Minister Nirmala Sitharaman on Saturday launched eBkray, an online platform to increase the transparency in auctioning of assets attached by banks.
The platform is equipped with property search features and navigational links to all PSB e-auction sites, provides single-window access to information on properties up for e-auction as well as facility for comparison of similar properties, and also contains photographs and videos of uploaded properties.
As on 27 December, a total of 35,000 properties were uploaded on the platform by Public Sector Banks (PSBs), Finance Ministry said in a statement. PSBs have attached assets worth over ₹2.3 lakh crore in the last three fiscal years.
"There has been information asymmetry when bank attached assets are auctioned which will come to an end with the launch eBkray," Sitharaman said while launching the platform.
Toxic assets in banking sector have been at the epicentre of the stress in the economy.
Extensive reforms carried out by the government have helped banks reduce bad loans. The gross non-performing assets (NPAs) of PSBs have declined from ₹8.96 lakh crore in March 2018 to Rs. 7.27 lakh crore in September 2019, with their provision coverage ratio rising to their highest level in seven years.
In a statement, the Finance Ministry said that extensive reforms carried out by the government have restored banks to health, with the gross non-performing assets (NPAs) of state-run lenders declining from ₹8.96 lakh crore in March 2018 to ₹7.27 lakh crore in September 2019, provision coverage ratio rising to their highest level in seven years, and banks returning to profitability, with as many as 13 banks reporting profits in the first six months of the current financial year.
"With the Essar (Steel) resolution decision, banks have recovered ₹38,896 crore, in addition to ₹4.53 lakh crore recovered in the last four-and-a-half years," it said.