Union Bank of India is developing an automated solution for early resolution of stressed assets. The product -- Union SARAS (Stressed Asset Recovery Automated Solution) -- will cover recovery actions under SARFAESI, DRT and IBC.
Other recovery actions include Civil Suit Revenue Recovery Act, Lok Adalat, classification of non-cooperative borrower, examination of staff accountability, willful defaulter, data and write-off. The solution will digitise all recovery functional areas, including field related work and converting through automated process flow of all recovery actions from initiation to its logical end.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
