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Posted on Feb 11, 06:40PM | IBNS
New Delhi, Feb 11 : C1 India Pvt Ltd, 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," said an official spokesperson on Monday.
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," said the spokesperson.
Umesh Ranjan, CEO, C1 India, said: "This portal provides advanced technology with simplicity in usage coupled with confidentiality and privacy."
Basically, there are two types of auctions: forward auction and reverse auction.
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.