MM TAX CLUB

As per recent tweet from Punjab National Bank (PNB), the Bank is holding Mega E Auction offer for residential and commercial properties, details of these propertied can be accessed through e-Bikary portal www.ibapi.in.

The Bank is to launching Mega E Auction on 29^th November 2022, Banks typically put up for auction any properties whose loans could not be serviced, or properties in default. Banks occasionally place these properties up for auction through the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks.

Prospective buyers may use this portal to search and view details of properties and participate in the auction process.

Following are Guidelines for participants to use e-Auction Platform;-

Bidder has to complete following formalities well in advance :

Step 1 : Bidder/Purchaser Registration : Bidder to register on e-Auction Platform using his mobile number and email-id

Step 2 : KYC Verification: Bidder to upload requisite KYC documents. KYC documents shall be verified by e-auction service provider (may take 2 working days).

Step 3 : Transfer of EMD amount to Bidder Global EMD Wallet : Online/off-line transfer of fund using NEFT/Transfer, using challan generated on e-Auction Platform.

Step 4 : Bidding Process and Auction Results: Interested Registered bidders can bid online on e-Auction Platform after completing Step 1,2 and 3.