In a bid to recover non-performing assets (NPAs) through technology route, Union Bank of India has reportedly launched a mobile-based application (app) for its officers a few days ago.
By entering the postal pincode of the area in the app, the bank officer gets all the details about the borrowers and defaulting accounts under the limits of that particular pincode. If the officer decides to visit the borrower in the locality concerned, he can upload the photograph of the borrower and the premises on the app.
Moreover, the bank has set a recovery target of Rs 4,000 crore for the current fiscal. The gross NPA of the bank stood at Rs 37,286 crore at the end of June. Of this, around Rs 9,000 crore is in accounts of below Rs 50 crore.
