The app will act as a repository for all information, data and documents, which will be easily retrievable.
As per the proposal, bidders will login to the app to search listed properties with all auction details. “Interested bidders will be redirected to the auction engine to participate in the e-auction,” said the executive.
The proposed model will also be available through a web portal and will have an automated KYC tool, payment gateway and auction engine.
In 2019, under the Indian Banks Association, a platform to enable the online auction of attached assets by banks, eBkray, was launched.
The platform provides navigational links to all public sector banks’ (PSB) e-auction sites and a property search feature. It presents single-window access to information on properties up for auction and comparisons to similar properties, along with videos and photographs.
“The current web portal was developed in-house using legacy and outdated tools and technologies. PSB Alliance will develop a new app that also includes development of new functionalities and the migration of existing portal features with a disaster recovery option in place,” said another executive aware of the matter.
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