Home / News / India /  Auction of mortgaged properties to get seamless
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The finance ministry has proposed a major revamp of the common electronic platform to auction mortgaged properties of public sector banks (PSBs) to make the process seamless and user friendly and allow banks receive automatic updates without making a formal requisition.

The department of financial services (DFS) has set up a sub-committee comprising senior officials from Indian Bank, MSTC, Bank of Baroda, Bank of Maharashtra, Canara Bank and Union Bank to hold discussions and facilitate resolution of issues and make the PSB auction portal efficient.

The ‘e-Bkray Portal’ is a common web portal to facilitate e-auction of properties mortgaged to PSBs. It has been developed by Allahabad Bank (now amalgamated with Indian Bank) initially with the name ‘Indian Banks Auctions Properties Information (IBAPI)’ and integrated with the e-auction platform of MSTC.

Presently, Indian Bank under a pact with MSTC is coordinating activities of the portal.

“The existing portal under Indian Bank is not delivering desired results and presently challenges in completing the auction after due diligence of buyers. These issues would be addressed in the portal revamp. Also, the current portal would also be one-stop shop for all auction needs of banks and rely less on MSTC existing portal for payment and other support," said an official privy to the development.

DFS and the finance ministry did not respond to queries till press time.

The present portal has listed about 13,262 residential properties, 2,502 commercial properties, 1,344 industrial properties, and 102 agricultural properties for auctions. All of them will automatically move to the new and revamped portal once it’s ready.

A meeting of Indian Bank— the co-ordinating bank for the portal, senior officials of MSTC and general managers of select banks was held in July during which the banks highlighted some technical issues of the portal for resolution and suggested improvements.

Among the issues that the revamp would cover is to make the process of pre-auction, auction and post auction seamless. Also, the portal’s security will be strengthened with detailed registration process of bidders along with their KYC and global best practices to further enrich user experience.

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