FinMin launched eBkray, a Common e-auction Platform

Current context: The Union Finance Minister, Nirmala Sitharaman has launched eBkray, a common e-auction platform on 28th Dec 19, for online auction of assets attached by banks.

• The step has been taken for transparent and clean online auction by banks of an attached asset, for the improved realisation of value.
• Public Sector Banks (PSBs) have attached assets worth over Rs. 2.3 lakh crore over the last three financial years.
• The eBkray platform is equipped with:

1. Property search features and navigational links to all PSB e-auction sites
2. Provides single-window access to information on properties up for e-auction
3. Facility for comparison of similar properties
4. Contains photographs and videos of uploaded properties

• To strengthen banks, the Finance Ministry has also approved infusion of Rs 8,855 crore in addition to the recent infusion of over Rs 60,000 crore. The distribution of the infusion is like:

1. Rs 4,360 crore will be released to Indian Overseas Bank
2. Rs 2,153 crore to Allahabad Bank
3. Rs 2,142 crore to UCO Bank
4. Rs 200 crore to Andhra Bank