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Karnataka Bank Ltd has launched the web tool – ‘Vasool So-Ft’ (Vasool So-Fast) – for digitalising the NPA (non-performing asset) recovery process of the bank.
Launching the tool in Mangaluru, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said the digital tool for the recovery of stressed assets will provide an end-to-end digital solution. It will enable easy and faster processing, real time information and immediate decision making in the recovery area.
He told the BusinessLine that all the steps related to recovery from identifying the account as NPA till its resolution are digitalised with this tool. “We would be knowing the impact of each and every account on real-time basis. The follow-up will be easy with this,” he said, adding that this tool will enhance the overall efficiency in the recovery efforts.
Mahabaleshwara said that the bank has joined hands with a local IT start-up to develop the tool for recovery management. He said the launching of the digital tool for recovery management is part of the transformational journey of the bank.
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