Mahabubnagar: Union Bank of India conducts debt recovery drive

Mahabubnagar: The regional office of Union Bank of India recovered Rs 43.16 lakh through Lok Adalat settlements on Saturday.

According to bank authorities, as many as 585 cases of financial defaulters were referred to National Lok Adalat bench and notices were served tothe borrowers included SMEs and farmers. Around 80 of them attended the programme and pleaded for settlement.

Based on their pleas, the Lok Adalat and Union Bank of India offered them 80 per cent concession in loan repayments and thus recovered Rs 43.16 lakh.

The borrowers and the defaulters expressed their happiness over availing of the concession and settling their long-pending loan accounts.

Sandhya Rani, Mahabubnagar District Senior Civil Judge for Lok Adalat, Asha Latha, Additional Senior Civil Judge, Union Bank Managers Hareesh, Suresh Kumar, Amit Sahoo, Rajesh Kumar and Thilak and others took part in the programme.