AGARTALA, March 25 (TIWN): United Bank of India has adopted a new and innovative idea to recover due loan from the customers. The Bank has adopted this measure in order to fix up their target at the end of the current financial year. Recovery hubs have been formed at the strategic centers of the bank.

At Wednesday morning, the officials of the UBI regional branch office at Durgabari had organized a rally showing play cards to urge the customer to repay their pending loans. One of the officials while organizing the rally told that it is true that role of the banks should not be confined to business alone and they should also play a pivotal role in the overall development of the state. The common man should have access to banks. There is a need to simplify the process of granting loans, including to the self-help-groups who are doing exceedingly well. At the same time, it is the duty of the customers to refund the loan, so that bank can help them in future also.

Previously it has been seen that banks may end up writing off a large number of bad loans, but this puts banks and the economy at risk. For this reason, it is important to be aware of the process for loan recovery. Banks need to be aware of loans that are at risk for not being paid back (also known as going into default). Collection departments of the bank are being contacting the individual loan holder. They must aware the amount owed and any interest accrued. Bank may also contact the guarantor of the loan. If the loan is not secured, then the bank may seize the asset. If it is a personal loan without security then the bank may file a lawsuit.