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

Finance Minister Nirmala Sithraman has launched ‘eBkray’, an online common platform for the auction of assets attached by public sector banks (PSBs). Aimed at increasing transparency, the site is equipped with property search tools and navigational links to all PSB e-auction sites and also contains photographs of uploaded properties. Over 35,000 properties have been uploaded to eBkray, she said.

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

Sitharaman, while launching the platform, said, “There has been information asymmetry when bank attached assets are auctioned which will come to an end with the launch eBkray.”

The purpose of this portal is to 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.