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Mahabubnagar: Union Bank recovers Rs 36.10L through Lok Adalat settlement
In a significant development, the Mahbubnagar branch of the Union Bank of India has recovered Rs 36.10 lakh from defaulting individuals through a one-time settlement during the National Lok Adalat programme.
Mahabubnagar : In a significant development, the Mahbubnagar branch of the Union Bank of India has recovered Rs 36.10 lakh from defaulting individuals through a one-time settlement during the National Lok Adalat programme. The event, conducted under the auspices of Union Bank of India and the district legal services authorities, took place on Saturday.
Union Bank authorities reported that out of the 788 cases referred to Lok Adalat, notices were served to eligible borrowers. Notably, 36 individuals representing Small and Medium Scale Industries actively participated in the Lok Adalat panel, pleading for settlement.
In response, the Lok Adalat and Union Bank of India extended more than an 80% concession towards their liabilities, ultimately resolving the cases through a one-time settlement (OTS) with a recovery of Rs 36.10 lakhs. Expressing their gratitude, the borrowers commended both the bank authorities and Lok Adalat for efficiently resolving long-pending issues. As part of the programme, notable figures such as Sandya Rani, Mahabubnagar District Senior Civil Judge for Lok Adalat, Union Bank Regional Head R Satyanarayana, District Principal Judge B Papi Reddy, Additional Sessions Judge Padma, and Bank Chief Managers Uttam and Eswar Naik, along with Bank Managers Purna Chandra Naidu, Prashanth, Ramesh, Hareesh, Thilak, and other branch staff actively participated in the proceedings.
