Finance Minister launches ‘eBkray’ online auction platform for assets attached by banks

2 min read

News:Union Finance Minister has launched an eBkray or eBक्रय which is a common e-auction platform.

Facts:

About the eBkray platform:

  • The eBkray platform enables the online auction of the attached assets transparently and cleanly for the improved realization of value by the Public Sector banks(PSBs).
  • The platform is equipped with property search features and navigational links to all PSB e-auction sites.
  • It also provides single-window access to information on properties up for e-auction as well as facility for comparison of similar properties. 
  • It enhances user experience through seamless access to information by search based on the type and location of property put up for e-auction by banks in India.
  • The e-auction platform has also now been linked to the Indian Banks Auctions Mortgaged Properties Information(IBAPI) portal and guidelines have been made available.

Additional information:

About Indian Banks Auctions Mortgaged Properties Information(IBAPI):

  • IBAPI is is an initiative of Indian Banks Association (IBA) under policy of Department of Financial Services (DFS), Union Ministry of Finance.
  • It provides details of mortgaged properties to be auctioned online by banks, starting with PSBs.
  • The buyers can use the portal to search and get properties details and participate in auction process.Currently,21 banks are onboard on this portal.