United Bank ties up with recovery agent ASREC to lower NPAs

According to Bhaskar Sen, Chairman and Managing Director, United Bank of India, as on June 30, 2012, had gross NPAs (non-performing assets) of close to Rs 2,200 crore. By engaging ASREC as recovery agent, the bank is hopeful of bringing down its gross NPAs by around 10 per cent. “We have been taking adequate measures to curtail our NPAs by organising recovery camps and through Lok Adalat. The tie-up with ASREC will supplement our in-house recovery mechanism. We have already assigned them a good number of NPA accounts,” Bhaskar Sen said.