Money & Banking

PNB strengthens recovery efforts

Our Bureau New Delhi | Updated on April 20, 2018 Published on April 20, 2018

Intensifies steps to name and shame wilful defaulters

Scam-hit Punjab National Bank (PNB), which is facing a huge NPA mess, has intensified its efforts in accordance with the RBI’s directions to name and shame wilful defaulters

Over the past few weeks, this public sector bank has boosted its Mission Gandhigiri and tied up with a credit agency to help increase recoveries and reduce NPAs.

Moreover, special One-Time Settlement (OTS) schemes have also contributed to a sharp rise in recoveries, a release issued by this public sector bank, said.

Following the government’s directions regarding wilful defaulters, the bank has taken a lead by taking strong steps over the past few weeks.

The bank has already declared a list of 1,084 wilful defaulters and published photos of 260 such defaulters in newspapers, the release added.

Due to PNB’s aggressive stance towards willful defaulters, 150 passports have been impounded over the past few months. Over the last nine months, the bank has also lodged 37 FIRs against defaulters and alleged fraudsters, such as fugitive diamantaire Nirav Modi and his uncle Mehul Choksi.

Similarly, in a bid to leverage data analytics for loan recovery and risk management, PNB has tied up with a leading credit agency. With the help of a third-party expert on analytics, PNB will get access to contact information of PNB defaulters who enjoy good credit record with other lenders.

This partnership will not only help the bank in loan recovery, but also help identify and automate profitable lending strategies and minimise credit and fraud risk.

Published on April 20, 2018
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