Secretary, DFS Launches BAANKNET (Bank Assets Auction Network) Mobile App and Digital Balance Confirmation Platform (DBCP)

The PSB Alliance Annual Strategy Meet 2026 was held at New Delhi today. The Secretary, DFS speaking on the occasion highlighted the transformation of PSB Alliance into a strategic partner, with a focus on the convergence of technology, data, and purpose to build an inclusive and innovative banking sector. The role of PSB Alliance in contributing positively to the Net Interest Margin (NIM) and Cost to Income Ratio of banks was also emphasised.

Secretary, DFS launched BAANKNET (Bank Assets Auction Network) mobile app and Digital Balance Confirmation Platform (DBCP) during the event.

It was noted that while BAANKNET has already brought structure and transparency to bank auction properties, the new mobile app will make access to verified bank properties truly nationwide and accessible on the go. This will empower common citizens and support banks in achieving faster recoveries.

Regarding the DBCP, the platform marks a significant step towards greater efficiency and transparency in the audit process, with the ultimate goal of eliminating manual balance confirmation certificates altogether.

Secretary, DFS advised PSB Alliance to expand its shared service ecosystem beyond PSBs.

The Secretary suggested the need for inclusive credit strategies for the unbanked population. It was also suggested to PSB Alliance to provide common digital lending solutions to smaller banks, helping them to save overhead costs.

BAANKNET app and DBCP launched to expand access to verified auction properties and digitalise balance confirmations. Two digital platforms were launched: the BAANKNET mobile app to provide nationwide access to verified bank auction properties and accelerate recoveries through greater transparency, and the Digital Balance Confirmation Platform (DBCP) to digitalise balance confirmations and eliminate manual certificates, thereby improving audit efficiency.