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PNB's 'Mission Gandhigiri' to help recover Rs 1,800 cr
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SME Times News Bureau | 20 Apr, 2018
State-run lender Punjab National Bank is expected to recover around Rs
1,800 crore from its non-performing assets (NPAs) recovery mechanism --
"Mission Gandhigiri" -- which will soon complete one year of operation.
A
senior bank official told IANS the mission, was launched in May 2017,
had consistently delivered positive results with an average recovery of
Rs 150 crore from the initiative.
"The mission was born out of
the need to name and shame defaulters to increase societal pressure and
urge them to pay back. Mission Gandhigiri has a dedicated recovery team
across all circles of the bank," the official, who did not want to be
named, told IANS.
Accordingly, the passive recovery mechanism
entails the team members to "visit the borrowers' office or residence
and sit their silently with placards that have hard-hitting messages
such as 'It is public money, please repay the loans'."
On the
legal side of the operation, following the government's directions
regarding wilful defaulters, the bank has declared 1,084 wilful
defaulters.
"Due to PNB's aggressive stance towards wilful
defaulters, 150 passports have been impounded over the past few months,"
the official said. Additionally, over the last 9 months, the bank has
also lodged 37 FIRs against defaulters.
The bank is also leveraging data analytics for loan recovery and risk management.
"We
have tied up with a leading credit agency and with the help of a
third-party expert analytics, we will now be able to get access to
contact information of PNB defaulters who have good credit record with
other lenders," the official said.
"This partnership is a part
of the larger strategy to deploy technology to strengthen internal
systems. This partnership will not only help the bank with loan recovery
but will also help identify and automate profitable lending strategies
and minimise credit and fraud risk," the official said.
The bank
has also recently started works towards "improving internal systems by
incorporating analytics and Artificial Intelligence for reconciliation
of accounts".
In addition, two special OTS (One-Time Settlement) schemes have helped the bank to accelerate NPA recovery.
"From
an average of recovering loan amount from 70,000-80,000 NPA accounts in
a year, this move has resulted in recovery in 225,000 NPA accounts over
a span of 10 months," the official added.
"These schemes apply to small NPA accounts helping defaulters come out of debt."
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