According to a tender document issued by Union Bank of India, the lender is looking to digitise and automate its recovery processes. It has sought bids from vendors to implement the software solution and maintain it for five years.
The document read, “Bank intends to implement a software solution for digitising and automation of recovery portfolio and creating a single platform database solution which should be capable of handling the modules… Bidder needs to design, implement and manage the entire software solution for the period of five years.”
The various modules which the bank plans to digitise include proceedings under Securitisation and Reinforcement of Financial Assets Act (SARFAESI), Debt Recovery Tribunals (DRTs), the Insolvency and Bankruptcy Code, civil suits, Revenue Recovery Act, Lok Adalat, insurance, valuation, vehicle loan non-performing assets, and engagement of recovery agents.
For instance, in case of a Corporate Insolvency Resolution Process (CIRP) initiated by the bank, the solution must be able to issue a template-based permission note for filing an NCLT application from the branch to the appropriate authority through the respective office. It should be able to take care of matters like forwarding the communication to the advocate from the branch as also to capture the hearing date-wise movement of the case and recovery made during the pendency of the case.
In the vehicle loan NPA module, the solution should capture all such NPA accounts and wherever vehicles have been taken as collateral security. Thereafter, it should enable system-based auto generation of notices to the borrowers as per the timeline prescribed and to send reminders to branches, whenever essential.