Central Bank of India has kicked-off an exercise to profile its defaulting borrowers. This move is aimed at assessing whether the defaulters are amiable to repay their overdue debt or should be proceeded against under the recovery law.
In short, the public sector bank is attempting to separate the wheat from the chaff in order to recover the loans that have turned sour.
Profiling of defaulters assumes urgency as the bank’s bad loans increased by 16 per cent year-on-year to Rs 8,456 crore as at March-end 2013.
The field staff have been asked to complete the profiling exercise by June-end so that appropriate action, for either reviving the borrower’s enterprise or initiating recovery proceedings, can be taken, said a top official.
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