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Bank of Baroda to strengthen its legal team

Bank of Baroda has set up a special team of lawyers to help it in the loan recover process. The bank said the team will help the bank speed up recovering bad loans, which are embroiled in legal processes. The bank has some 380 such loans worth around Rs 150 billion. The bank intends to recruit about 50 new legal officers to strengthen the legal team even as the existing team has started monitoring the progress of action initiated against the defaulters. The team is working in liaison with branches and it is functioning like a war room in the bank. The bank has also created a stressed asset management vertical, under which 15 existing stressed asset-recovery branches and another 32 newly-created regional stressed asset recovery branches are working.

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