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While addressing the issue of ego clash between the customers and bank employees, the letter by UCO General Manager expressed hope of bridging the gap between NPA borrowers and UCO Bank by distributing sweets

UCO Bank has this special Diwali gift for its borrowers who have defaulted on their loan payments

<h2>While addressing the issue of ego clash between the customers and bank employees, the letter by UCO General Manager expressed hope of bridging the gap between NPA borrowers and UCO Bank by distributing sweets</h2>

Loan Default:&nbsp;In an innovative way of reaching out to loan defaulters, UCO Bank has decided to distribute sweet packets to top 10 account-holders of Non-performing assets (NPA) in each bank for Diwali.
<h3>Sweets Distribution</h3>
In a letter to all the Zonal Heads, General Manager, Dheeraj Patwardhan has said that branch heads must personally visit the defaulters and greet them with sweets this Diwali. He further mentioned that not all are wilful defaulters and and the borrowers must be treated like any other valued customers.
"The top management has suggested the distribution of sweet packets to the top 10 NPA borrowers in each branch in line with peer public sector banks (PSBs), like any other valued customers, where branch heads need to meet them personally, greet them on the occasion of Diwali and distribute them a sweet packet. Zonal heads are also advised to personally meet and greet the top 10 NPA borrowers of the zones on the auspicious occasion of Diwali," the letter says.
Also Read: <a href="https://www.editorji.com/business-news/likely-to-miss-your-monthly-repayment-sbi-will-send-you-a-reminder-with-chocolates-1695020255453">Likely to miss your monthly repayment? SBI will send you a reminder with chocolates!</a>
The letter further added that though the recovery task is not easy, a harmony between customers and bank employees must be maintained.
"Recovery of Bank's dues from the NPA borrowers is not an easy task and branch officials are facing numerous challenges in fields for the same. Time and again, it has been observed that, in general, there is a deterioration in the banker-customer relationship once the account turns into NPA...We cannot deny the fact that a customer presently classified as an NPA borrower was once a valued customer of the Bank", the letter read.
Dheeraj Patwardhan further addressed the issue of ego clash between the customers and bank employees which leads to the performing asset turning into an NPA one. As per the letter the distribution of sweets may bridge the gap created between the NPA borrowers and UCO Bank.&nbsp;
"It is not like each and every NPA borrower is a wilful defaulter and does not pay the dues despite having sufficient repayment capacity. There may be certain compelling situations like a business failure or loss, death of key business persons, or unavoidable circumstances, which also lead to the performing asset turning into an NPA one. On the contrary, in some of these cases, it has been observed that only the clash of ego between the customer and bank officials leads to the account turning into NPA," the letter sent by Dheeraj Patwardhan, general manager (GM) for recovery and law at UCO Bank, says
<h3>SBI's Chocolate Reminder</h3>
India's largest lender SBI had also announced greeting those who are likely to default on monthly installments with a pack of chocolates. The move was aimed at improving collections and ensuring timely repayments.
SBI had filtered the customers who are likely to default and had decided that the best way to ensure payment is to meet them at their homes unannounced. But of course with a pack of chocolates

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday.
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
“The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

RBI's firm warning for digital lending apps

As recent incidences wherein a few people who borrowed through loan apps have been forced to commit suicide, RBI wants lending apps to follow the rules of game 

RBI: not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game.&nbsp;
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
&ldquo;The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

UCO Bank on Sunday declared Yashovardhan Birla as a wilful defaulter after his company, Birla Surya group, failed to repay loans of Rs 67.65 crore. Yashovardhan Birla is also the Chairman of the Yash Birla Group. In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset on June 3, this year. The bank further said that the borrower didn't repay the dues despite several notices served by the Kolkata-based lender. 

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