New Delhi based C1 India, e-procurement and e-sourcing solutions provider, recently launched an auction portal, Bankeauctions.com to automate the auction process for bank’s non performing assets in lieu of the ministry of finance orders last year as per the reports (Business Line).
In November 2012, the Ministry of finance has announced that all auctions of immovable properties, under the SARFAESI Act 2002, shall be carried out through E Auction only to ensure a free, fair and transparent process.
An asset becomes non-performing when it ceases to generate income for the bank on actual realization basis.
With this user friendly online portal, banks can create, publish, and monitor the entire event online, with minimal training. As of now, most of the participating banks are public sector banks and the auction site shows 96 entries till date. It supports both debt recovery tribunal and SARFAESI events.
Founded in 2000, C1 India provides e-procurement (procurement using electronic media, such as the internet or other computer networks) and e-sourcing (branch of e-procurement whose task is to locate and select suppliers/providers) solutions to Governments, Departments, PSU’s and Corporates in India and abroad. It helps organizations automate their entire purchasing cycle from initiation till payment. It also offers an internet based electronic Tender Management Software, which reduces the redundant paper-based processes and high costs along with time spent on acquisition cycle for new products and services.
Also a similar portal, NPASource.com, an initiative of Atishya Group is providing solutions in resolving the problem of Non Performing Assets, via their online property site.