Mortgaged property e-auctioning portal of PSBs is set for a makeover

The common electronic platform to auction mortgaged properties of PSBs is set to get a makeover with plans to make all processes in the auctioning life cycle seamless and more us

The common electronic platform to auction mortgaged properties of public sector banks (PSBs) is set to get a makeover with plans to make all processes in the auctioning life cycle seamless and more user-friendly.

The Indian Banks Auction Properties Information (IBAPI) portal is presently used by PSBs to display properties that are to be auctioned. The portal, which went live in 2019, was an initiative of the Indian Banks Association (IBA), and is managed by Indian Bank.

This portal would now be revamped to make processes such as pre-auctioning, auctioning, and post-auctioning stages seamless. A mobile application is also being envisaged for the auctioning process.

The dedicated common portal for auctioning of PSBs’ properties was developed based on the directive and policy of the Department of Financial Services (DFS). Properties of all 12 PSBs banks are listed and auctioned through the IBAPI portal.

The overhauling of the present system is being held to overcome the current challenges faced in conducting auctions, and make the user interface of the portal more interactive and responsive.

The revamped portal will be user-friendly and fully secured to access, navigate, search, and place bids for auction, an official said. The e-auction system would be best in class digital offering to bidders as seen globally.

The new system is proposed to have a robust mobile application, web portal, integrated systems to fetch KYC, and a secure payment gateway. Both the app and web portal will have the wherewithal to manage multiple services and tasks. The platform is likely to be a single portal that would showcase mortgaged properties of banks and facilitate bidding for auctions as against the present system where the IBAPI platform redirects to an MSTC-backed portal for payment of token money to participate in bidding.

It will provide facilities such as searching of properties, which is presently marred by several filters for the search option. The same system will provide service to manage the bidders’ wallet to facilitate payment of Earnest Money Deposit (EMD) and payment for the bid. The system is also likely to provide help and support to participants on the platform which presently lack on the dated IBAPI portal.

The bidder will deposit the EMD amount in his wallet, without having to declare the property against which such EMD shall be used, providing flexibility to bid for any properties. The token amount of the highest bidder will get blocked, and if outbidded, the same would be released to the wallet. The new system will block the token amount of the highest bidder’s money only, and release EMD of other bidders by notifying them through an SMS or email.

The present portal has about 14,611 residential properties, 2,755 commercial properties, 1,492 industrial properties, and 107 agricultural properties listed on its platform for sale. These properties would be moved to the new proposed portal once it is developed.