Union Bank of India expects to accelerate the recuperation of bad loans utilizing a first-of-its-kind stressed assets recuperation automated solution (SARAS) that will assist with implementing securities, tracking recuperations, and enhancing the monitoring of stressed assets.
Chief General Manager Ashok Chandra said automation will eliminate errors and cut the time taken to initiate recuperation to a couple of days from months earlier.
“Over the years we had seen that the time taken to file cases for recuperation, start the process, and then monitor the cases wasted precious man-hours and eroded the worth of resources. In 2020, after the amalgamation of Andhra Bank and Corporation Bank, it was felt that a system to track these multiple accounts will help a great deal. We have now developed an automated model for willful defaulters, track cases with advocates, enforce collateral securities and check valuations,” Chandra said.
The framework will fetch data from court websites, registrar of organizations, and government agencies. The bank likewise plans to link it to debts recuperation tribunals and NCLTs.