Beginners Guide to Bidding in Bank e-Auctions
Taking part in a Bank e-Auction is a very simple process. Initially, the properties are listed on our website https://www.bankeauctions.com. All interested bidders are given sufficient time to inspect the property and check its condition. New bidders have to register on our website by filling the relevant details. A bidder must have a valid login ID and password to participate in the auction. Some auctions also make it mandatory for the bidder to possess a valid digital certificate. Once a bidder has registered, he can log in to the portal. The next step is submission of Earnest Money Deposit (EMD). We ask our users to submit the EMD in order to gauge whether the bidder is genuine or not. After successfully depositing the EMD, the bidder now moves to the Participation Stage where he submits the EMD details and uploads the KYC (Know Your Customer) documents.
The bidder is now required to give his First Round Quote (FRQ) and submit the bid. The bid is given a go ahead in the next stage which is the Bid Opening stage, subject to validation of uploaded documents. Next, the bidder is taken to the online Auction Hall.
Inside the Auction Hall the bidder can see the highest bid or H1 (for forward e-Auctions) or the lowest bid or L1 (for reverse e-Auctions) apart from his Rank, system suggested Bid Amount and his own last bid. The bidder can also set an Auto Bid Cut off in case he wants the bids to be made automatically. Auto bid, if available, enables the bidding process to proceed down or up in standard decrements or increments automatically. This provision allows the bidder to make bids automatically; that is bidder does not have to submit each bid manually. The bidder specifies the top limit (in case of Forward Auction) or bottom limit (in case of Reverse Auction) up to which his bids can go up and down by auto bidding process.
In case any change is made to any of the auction parameters, the bidder is informed about the changes in a corrigendum which is notified through mail. At any point of time the bidder can view the auction details by clicking the Show Details tab. An auction lasts for a predefined time interval. However, Auto Extension feature, if provided, can extend the auction by some time to accommodate last minute bids. Once the auction ends, the reports are generated and sent to the concerned bank. These reports summarise the auction event, containing details about participating bidders, FRQs, auction last bid details, and details about all the bids received during the auction.
To get a feel of the entire process, come participate in the SBI Mega e-Auction of 480 assets worth 1300 Cr which is to be held on June 12 at https://www.bankeauctions.com