“We want to develop BAANKNET as a scalable platform the place extra merchandise may be onboarded. The public sale of vehicles and different automobiles via this portal is being examined, and we do see this as a possibility for all banks for sooner and simpler auctions of automobiles,” PSB Alliance chairman Sunil Mehta mentioned.
Additionally learn: FinMin launches BAANKNET, e-BKray to reinforce PSU financial institution e-auctions for asset gross sales
PSB Alliance, which operates BAANKNET, has already performed greater than 87,000 property auctions via this platform, designed particularly for banks and lending establishments to assist the restoration of non-performing property.
The platform shall be built-in with the highway transport ministry’s VAHAN portal and RTO challan providers to supply full car info with choices for model, mannequin, location and different key parameters to enhance bidder participation.
As per the most recent information obtainable, via BAANKNET, lenders have recovered round ₹34,000 crore towards ₹72,000 crore value of properties auctioned since July 2024.
ET BureauEarlier this yr, the finance ministry requested PSB Alliance to develop its shared service ecosystem past state-run banks. It additional beneficial that the three way partnership of public sector banks look to supply widespread digital lending options to smaller banks, serving to them save overhead prices.Arrange by state-run banks, PSB Alliance Pvt Ltd acts as an middleman for all public sector banks and creates widespread functions or platforms. The opposite platforms being developed by the agency embody the Digital Stability Affirmation Portal, Digital Provide Chain Finance and a typical assortment platform to get better retail and MSME loans beneath ₹5 crore.
Final month, finance minister Nirmala Sitharaman on the PSB Confluence mentioned the banking sector was in its strongest place to undertake reforms and that the federal government would quickly announce a Excessive-Degree Committee on Banking for Viksit Bharat. Monetary providers secretary Sanjay Lohia requested PSBs on the assembly to leverage their collective expertise to help the subsequent section of financial progress.
Public sector banks posted a web revenue of ₹1.98 lakh crore for FY26, an all-time excessive, backed by improved asset high quality, wholesome credit score growth and better revenue throughout the fiscal yr. That is the fourth straight yr of profitability for PSBs.
The federal government has requested PSBs to collaborate, scale up widespread utilities and initiatives, and begin peer-to-peer collaboration by constructing and sharing expertise, operations and folks capabilities.
