FinLEGAL gives a solution to the long pending issue of monitoring and follow up of NPA. The product is browser-based, automated, work-flow driven, enabling scheduled alerts through SMS or Email, using the latest technology. The emphasis is on monitoring and follow-up of Loan accounts to ensure timely action, by giving warning signals and prevent a loan account becoming a NPA or for recovery or to initiate legal action.
Non-Performing Assets (NPA) crisis may prove a nightmare for any bank if not dealt with in time. It starts affecting the day-to-day operations of the bank as it starts adjusting money deposited against their dues. Moreover, the bank lands up spending resources on recovery management rather than concentrating on new business impacting the overall profitability in the long run and stressing out income as well as productivity. It may also adversely affect the reputation of the bank.
The best ways to deal with NPAs is to take precautionary measures at the time of credit appraisal & disbursement and keep a check during recovery. FinLEGAL system works at persuasive level & at force legal action level of recovery.