Modi government takes this big step for assets attached by Public Sector Banks

Modi government has taken a big step for auctioning of assets attached by the public sector banks (PSBs). In a key development, Finance Minister Nirmala Sitharaman here on Saturday launched a common e-auction platform for assets attached by the public sector banks (PSBs).

E-Auction Platform: All you need to know

- The platform is equipped with property search features and navigational links to all PSB e-auction sites

- It provides single-window access to information on properties up for e-auction

- It also has facility for comparison of properties

- Moreover, it contains photographs and videos of uploaded properties

Rs 2.3 lakh crore plus assets attached by PSBs

- The PSBs have attached Rs 2.3 lakh crore plus assets over the last three financial years 

- To enable online auction by banks of attached assets for improved realisation, the platform has been launched

As on December 27, the state-run banks have uploaded 35,000 properties on the platform, as per the statement.

The Finance Minister also met the PSBs chiefs on Saturday and discussed the impact of the government reforms measures and the health of banks.

Moreover, the Ministry has also decided that the Department of Revenue (DoR) will notify RuPay and UPI as the prescribed mode of payment for undertaking digital transactions without any charge or merchant discount rates (MDR).

All companies with Rs 50 crore or more turnover should be mandated by the DoR to provide the payment facility through RuPay debit card and UPI QR code to customers, it said. All banks would start a campaign to popularise RuPay debit card and UPI, it added.