Union Bank of India to digitize loan recovery processes

Reported by: |Updated: April 15, 2021

Union Bank of India is looking to digitize its loan recovery mechanisms and create a single platform database for different routes to deal with delinquent loans. The bank is looking for a solution that can handle recovery modules such as Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), Debt Recovery Tribunal (DRT), Insolvency and Bankruptcy Code (IBC) and civil suit, among others. The module should have facilities to alert the system of eligible accounts; alert reminders if demand notice not issued within 15 days of account becoming non-performing; generate demand notice under section 13 (2) of Sarfaesi Act based on editable templates provided. The bank wants the proposed solution to be hosted on the bank’s on-premise hyper-converged cloud in Red Hat Linux 7 or higher / Windows Server 2012 or higher. However, solution should have capability to migrate to any other platform as per the bank’s requirement.