Related Topic in KAS Prelims Syllabus:
Economy [Paper-II]: Structure of Indian Banking and Non- Banking Financial Institutions and reforms
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.