Department for Institutional Recovery & Revival
With a view to concentrating on effective recovery of the Bank’s credit to borrowing
institutions and for possible revival of the eligible units the earlier Recovery
Cell of AIC Department was converted in to a new and full-fledged Department of
Institutional Recovery and Revival. It carries out the work of assessment of NPA
and provisioning (Initiate legal proceedings for recovery of overdue etc.)
Department looks after the recovery of NPAs; Through SROS (Special Recovery Officers
under MCS Act) & AOs (Authorising Officers under ‘Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act 2002’).
Handles legal proceedings of recovery, attachment & sale of NPA units.
To facilitate recoveries from distressed accounts bank has formulated “Compromise
Settlement Scheme 2012” with consent of Special General Body Meeting held on 08.12.2012.
It has got good response and as on 31.03.2014 INR 111.95 Crore were received under