C1 India, a leader in e-procurement and e-sourcing solutions, recently launched an auction portal for the banking sector for disposal of distressed assets. The distressed assets which are currently being auctioned manually will now be auctioned through the online platform. This would ensure wider participation and better rates by breaking the cartel. The application has a very simplified interface, to ensure ease of use by people with little knowledge of Computer and internet. Public can see the complete list of properties that are on sale by various banks and participate by loging in to their account. The system automates the complete auction process from creation of an event to conducting the auction. C1 India is the only company offering the complete process online and adhering to all the requirements of Ministry of Finance.
As per the directive of Ministry of Finance, the complete process from Creation of Events, submission of first round quotes by bidders, evaluation and final auction is to be done online to enable transparency in transactions. This unique online portal for E-Auctions can be accessed from the following domain: https://www.bankeauctions.com.
Forward Auction - Forward Auctions are sales oriented auctions, where Auctioneers are trying to sell their products or services. In a forward auction, the buyer bids on the seller's item and the prices of the item increases by a fixed increment amount during the auction and in a forward Auction the highest bid price during the Auction is the one which wins.
Reverse Auction - Reverse Auctions are Purchase oriented auctions, where Auctioneers are trying to purchase products or services. In a reverse auction, the seller bids on the Buyer's item and the prices of the item decreases by a fixed decrement amount during the auction. In a Reverse Auction the lowest bid price during the Auction is the one which wins.
For example, if a bank wants to buy computer systems or even transportation services, it can hold a reverse auction to procure goods and services at the best possible price.
The highlights of the bankeauctions.com Portal:
With bankeauction.com, banks can create and publish events in a few easy steps and monitor the entire process online. This easy to use interface requires minimum training for the bank users and bidders. This portal works well with all major browsers available such as Internet Explorer 8 and above, Safari, Google Chrome and Mozilla Firefox.
This user friendly portal can be used by anyone. Anyone, be an executive of a bank or an individual wishing to bid or participate in an online Auction event is a Bidder and can participate after completing a simple registration process.
This portal is versatile yet guarantees confidentiality. Each Auction is a highly confidential event conducted between the Auctioneer and a set of qualified Bidders on the Bank or DRT Auctions platform. No outsider can view any aspect of an Auction event without proper authentication by Auctioneer. And even then, a qualified Bidder can only view details of his own bids. Therefore, all data like Items' specifications, pricing, Bidders' information and bid data are all confidential and available to respective Auctioneers only.
This portal also has an easy to use interface for both Bank users and Bidders with End to End solution - from creation of event to auction to reports, personalized pages with Logo and colour scheme of the bank. It also supports both DRT and SARFAESI events, powerful search for bidders to search events, customized dashboard & event tracker. Users can navigate through the entire application easily from the Dashboard and Event Tracker with unified login for both bank users and bidders.
Speaking about this one of a kind portal Mr. Umesh Ranjan, CEO, C1 India stated, “This portal provides advanced technology with simplicity in usage coupled with confidentiality and privacy.”
This portal has been very received by the banking community and most banks have signed up to avail C1India”s e-Auction Services. The list of banks include Andhra Bank, Bank of Baroda, Central bank of India, Bank of Maharashtra, Dena Bank, Punjab National Bank, IDBI Bank, Indian Overseas Bank, Punjab and Sind Bank, Oriental Bank of India, Indian Bank, and State Bank of Travancore to name a few.