New Delhi: The finance ministry on Monday pushed the Public Sector Banks (PSB) Alliance deeper into a technology-first strategy, with the Department of Financial Services (DFS) secretary launching the BAANKNET (Bank Assets Auction Network) mobile app and a Digital Balance Confirmation Platform (DBCP) at the PSB Alliance Annual Strategy Meet 2026.
In his keynote address, the DFS secretary said the PSB Alliance has evolved into a strategic partner for banks, focusing on the convergence of technology, data and purpose to build a more inclusive and innovative banking ecosystem. He also flagged the alliance’s role in improving key profitability metrics such as net interest margin (NIM) and the cost-to-income ratio.
Officials said the BAANKNET platform has already introduced structure and transparency to auctions of bank-owned properties, and the new mobile app is expected to widen access to verified assets across the country, allowing buyers to participate “on the go”. The move is aimed at helping lenders speed up recoveries while opening the market to a broader pool of bidders.
The Digital Balance Confirmation Platform, meanwhile, is positioned as a step-change in audit efficiency and transparency. By digitising balance confirmations, the system seeks to reduce turnaround times and ultimately do away with manual certificates, a long-standing friction point in bank audits.
The DFS secretary also nudged the PSB Alliance to expand its shared services ecosystem beyond public sector banks and to craft more inclusive credit strategies for the unbanked. He suggested offering common digital lending solutions to smaller banks to help them lower overhead costs and scale faster.
Taken together, the initiatives signal a renewed push to use common platforms and data-led tools to lift efficiency, improve recoveries and strengthen governance across the banking system, even as lenders grapple with tighter margins and rising compliance demands.