With the banking sector shifting towards digital channels to serve its customers further, there is still a large group that remains unbanked even today. Unbanked or under-banked people are those that are deprived of accessing minimal financial services or do not receive affordable banking facilities. An astonishing fact by the World Bank highlights, “Around 2…
Over the course of last two decades, banking sector has amassed huge amount of information about its customers. It would be apt to say that Indian banks are buried under a mountain of usable information but do not have the know-how presently for enhancing their business. Tools like Business Intelligence and Analytics can prove to…
Litigation and Legal Management Systems are designed to help banks and financial institutions by automating their recovery processes and seamlessly accessing legal information about borrowers, NPA accounts, bank’s recovery etc. LMS is used to manage and automate all the legal proceedings in banks. It is responsible for issuing notices to defaulters, reminding court hearing, managing…
One-time settlement or OTS is a type of compromise settlement executed by the banks in order to recover non-performing assets (NPAs). OTS is a scheme where the borrower (the one who has defaulted) proposes to settle all the dues at once, and banks agree to accept an amount lesser than what was originally due. The…