Smooth auction of mortgage assets | Catch My Job


The Treasury has proposed a major update to its general electronic platform to auction off public sector bank (PSB) mortgage assets to make the process smoother and user-friendly. and allows banks to be automatically updated without making an official request.

The Department of Financial Services (DFS) has set up a subcommittee comprising senior officials from Indian Bank, MSTC, Bank of Baroda, Bank of Maharashtra, Canara Bank and Union Bank to discuss and facilitate the resolution and auction of the PSB portal at effective

‘e-Bkray Portal’ is a common web portal to facilitate electronic auction of mortgaged assets to PSB. It was developed by Allahabad Bank (now merged with Indian Bank) initially with the name ‘Indian Banks Auctions. Properties Information (IBAPI)’ and integrated with MSTC’s electronic auction platform.

Indian banks under agreement with MSTC are currently coordinating portal activities.

“Existing portals under Indian banks are not providing the desired results and are currently challenging to complete auctions after buyer due diligence. These issues will be resolved in portal updates. Additionally, the current portal will be your one-stop shop for all your banking auction needs. and less reliant on MSTC’s existing portal for payments and other support,” said the official privy councilor for development.

The DFS and the Treasury Department did not answer questions until the press conference.

The portal currently lists approximately 13,262 residential properties, 2,502 commercial properties, 1,344 industrial properties and 102 auction agricultural properties. All will automatically move to the new and improved portal when ready.

Indian Bank Meeting—Bank Coordinator for Portal Selected MSTC senior officials and bank general managers were held in July. The bank has highlighted some technical issues of the portal for recommended solutions and improvements.

The issue that the improvements will cover is to smoothen the pre-auction, bidding and post-auction processes. Additionally, portal security will be strengthened with a detailed bidder registration process along with KYC and best practices. The best in the world to enhance the user experience.

Follow business news, market news, breaking news events. And the latest news about Live Mint. Download The Mint News app to get daily market updates.

more less


Source link