Hello sir, I am Harshit. I am from Delhi. I want you to help me by giving me some information about the one time settlement of NPA accounts of Union Bank of India. Can you help me?

As you have asked about the one time settlement of NPA accounts of Union Bank of India, I am giving you some information about it, check below for the details

PRINCIPLES GOVERNING COMPROMISE SETTLEMENTS

A compromise settlement of dues can be negotiated, provided it is ensured that such compromise results not only in early recovery of dues but also saves cost to the Bank in terms of legal expenses and other costs.

Compromise settlement is a business decision and not an administrative decision

Any compromise settlement should have an underlying objective of recovery of dues to the maximum extent possible at minimum expense and within shortest possible time frame

It should be recognized that any remission, relief, sacrifice of dues or concession to the borrowers will indirectly be loss to the exchequer and the general public.

Therefore, the demands of the borrowers for remission, relief, sacrifice of dues or concession should be carefully weighed and it should be ensured that they are not unduly disproportionate to the borrower’s/ guarantor’s capacity to pay going by assets owned by him/her

Union Bank of India One time Settlement