C1 India, an e-procurement and e-sourcing solutions provider, has formally launched an online portal to enable banks to auction their stressed assets.
With this portal, www.bankeauctions.com, banks will be able to create and publish events in a few easy steps and monitor the entire process online.
The system automates the complete auction process from creation of an event to conducting the auction. It supports both debt recovery tribunal and SARFAESI events.
“We see tremendous potential in the coming days for SARFAESI events. Already, more than 50 per cent of the events processed till date at the portal have been SARFAESI,” Umesh Ranjan, CEO, C1 India told
Since its soft launch a few months back, this portal has seen property auctions to the tune of Rs 2,800 crore through nearly 3,000 events, according to company officials.
It is mostly public sector banks who have signed up with this portal to use the e-auction services.
The Finance Ministry had last year asked banks to undertake e-auctions of their stressed assets under DRT/SARFAESI laws.
The complete process from creation of events, submission of first round quotes by bidders, evaluation and final auction has to be done online to enable transparency in transactions, the Finance Ministry had said.
With the non-performing assets in the banking system on the rise, there are bound to be a number of business opportunities coming the way of such portals, banking industry observers said.