A New Steps by Union Bank of India for NPA Recovery "NPA Recovery Made Easy"

Union bank of India has taken an innovative step for Recovery of NPA with the branches under its jurisdiction. Several Recovery Teams of skilled personnel comprising 7-8 members have been formed which are led by experienced Senior executives like Zonal Manager, Deputy Zonal Manager & Regional Manager Kolkata. The teams visit the NPA borrowers daily and impress upon them to pay the Bank's dues. Strategically, it has been planned to meet all the NPA borrowers frequently. Bank provides the need based credit facilities to the borrowers. The Loan amounts disbursed by the bank are the money deposited by the general public. Non payment of Loan amount by the borrowers not only adversely affect the banking business but also spoils the CIBIL scores of borrowers which is harmful for them in long run. Poor CIBIL score is a big hindrance in availing fresh credit facilities. On 22.07.2018, A team of 15-20 senior bank officials from various offices led by Deputy Zonal Manager & Regional Manager Kolkata demonstrated Gandhigiri at the houses of three NPA borrowers and requested them to pay the Bank's dues. Union Bank is hopeful for a positive response with this initiative. However, Bank has clarified that besides these acts, it will also take legal measures for recovery of its dues through SARFAESI Act, filing of suit with DRT / CIVIL Suit / Action under PDRA-1913, Declaring borrower as Willful Defaulters, Non-Co-operative borrowers etc.