Economy News

‘eBkray’ AUCTION PLATFORM

Written by Talent KAS

Related Topic in KAS Prelims Syllabus:

Economy [Paper-II]: Structure of Indian Banking and Non- Banking Financial Institutions and reforms

News

Union Finance Minister Nirmala Sitharaman launched eBkray, an online platform to increase the transparency in auctioning of assets attached by banks.

About the Platform

  • It is a common online platform to auction assets attached by various state-run banks, seeking to bring in transparency in the sale of 35,000 properties currently available and many more in future.
  • The platform is equipped with property search features and navigational links to all the e-auction sites of the state-run banks.
  • The e-platform to sell assets provides a single-window access to information on all the properties up for e-auction, as well as a facility for the comparison of similar properties.
  • It also contains photographs and videos of uploaded properties.
  • It will 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 e-auction platform has also now been linked to the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) Portal

  • It is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance.
  • The Portal provides a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks.
[Source: Economic Times, Livemint]

 

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