Our bank has taken the lead role in creating software in digitising and automating recovery portfolios under the name – Union SARAS Stressed Asset Recovery Automated Solution
An automated solution for early resolution of stressed assets is being developed by the state-owned Union Bank of India, the bank said on Tuesday. The product – Union SARAS (Stressed Asset Recovery Automated Solution) will cover recovery actions under SARFAESI, DRT and IBC, the lender said.
Civil Suit Revenue Recovery Act, Lok Adalat, classification of non-cooperative borrower, examination of staff accountability, willful defaulter, data and write-off are included in the other recovery actions, the bank said.
“Our bank has taken the lead role in creating software in digitising and automating recovery portfolios under the name – Union SARAS Stressed Asset Recovery Automated Solution,” the lender said.
Including field related work and converting through automated process flow of all recovery actions from initiation to its logical end, the solution will digitise all recovery functional areas.
It will ensure actions for reducing litigation scope and will act as a guide to the branch for the actions to be taken, the lender said.
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