UCO Bank decides to distribute Diwali sweets to top 10 wilful defaulters, withdraws notice later
UCO Bank also said that the Branch officials were facing numerous challenges in the recovery of dues from these borrowers. “It was not an easy task." “Time and again it has been observed that in general there is a deterioration in Banker customer relationship once the account turns into NPA.
It is not like each and every NPA borrower is a willful defaulter and not paying the dues despite having sufficient repayment capacity," the order read. It added, "There may be certain compelling situations like business failure/loss, death of key business persons, unavoidable circumstances, etc.
which also leads to the PA account turning into an NPA one. On the contrary, in some of the cases, it has also been observed that only the clash of ego between the customer and Bank officials leads to the account turning into NPA." “Such activity may also create a satiation of empathy and harmony compelling some of the borrowers to come forward for settling their account with the Bank," the bank said.
On November 2, the bank issued the latest circular in which it said, "It is hereby advised that the instructions contained in the aforesaid communication stand withdrawn." UCO Bank is all set to unveil its Q2FY24 financial results today, November 3. Milestone Alert!
Livemint tops charts as the fastest growing news website in the world
