E-Auction – The Ministry of Finance has launched an e-auction portal called Banknet. Previously, people had to search through various platforms to buy homes, flats, and vehicles. Now, you can easily search and make purchases directly on the Banknet portal.With this new portal, you can participate in bank auctions for everything from flats to residential and agricultural land, as well as plants and machinery. The aim of this initiative, announced by M. Nagaraju, the Secretary of the Financial Services Department, is to simplify the auction process and make it accessible to everyone. On the Banknet portal, all government banks will provide complete information about flats, houses, land, vehicles, machinery, and plants. Anyone can visit the portal to get details about properties up for auction and participate in the bidding. If you encounter any issues, you can also call the customer service center for assistance.Currently, people have to navigate multiple portals to find homes, flats, and vehicles. But now, with Banknet, you can do all of that in one place. As of now, the portal has already uploaded detailed information on 122,500 properties available for auction across various locations in the country. It will provide comprehensive details before, during, and after the auction process. Government banks auction properties, land, plants, machinery, and vehicles from loan defaulters to recover their dues. They usually invite people to participate in the auction process through advertisements in newspapers. With the launch of Banknet, all government banks will share auction information, allowing more people to participate and potentially fetch higher prices. Plus, shopping through this portal minimizes the risk of fraud for customers.
