This software goes hand in hand with FinLUNA. Well, when banks provide loans to their customers they take some security or a guarantee. On improper payment of dues, the banks have to initiate proceedings against the borrower with a notice and send a preliminary notice of default to the borrower and the Guarantors/sureties, intimating the default and emphasizing the bank’s right to recourse.
Then the banks have to give more time to these bad accounts right from the initial stage, and try to protect them from slipping into non-performing assets(NPA’s). In order to do this, often other accounts get neglected and start slipping into NPA’s too. This creates a havoc and becomes very difficult to manage for the banks. It also puts the bank’s reputation on stake. Finacus comes with a solution for the banks: FinLEGAL. FinLEGAL gives a solution to this long pending issue of monitoring and follow up of NPA.
The few main features of FinLEGAL can be listed below:
- Provides complete end to end solution with MIS on set parameters.
- Strengthens the existing system of monitoring and follow-up of borrower accounts.
- Computation of cost of legal action for every action initiated and the quantification of resultant recovery of debts.
- Helps to set up a procedure for time bound action plan at the Branch & Recovery Department level for initiating Recovery action, filing suits/ Arbitrations/cases, Executions of awards/ Recovery certificates, Tracking appeals & Applications of borrowers before BIFRI Actions under SARFAESI Act, compromise settlement / OTS, Adjustment of sale proceeds of prime & collateral securities.
A few advantages of using FinLEGAL:
- FinLEGALRECOVERY restricts slippage of Standard Accounts to NPA Accounts by effective post disbursement follow up and monitoring of Advances by persuasive method, maintaining the quality of loan assets so as to ensure that maximum Loans outstanding at any given time.
- FinLEGALRECOVERY helps take prompt and effective steps for up-gradation of identifying degraded NPA Accounts by providing all tools for persuasive, quasi-legal & legal measures in the form of recovery.
- This software would let the user-department record at regular interval details of action taken by the branch in respect of NPA accounts individually. Also,sit would be possible for the user-department to record its observations/reactions vis-a-vis the branch action.
Since robbers, thieves or con artists are getting smarter with every passing day, we need to use a smart tool too so as to protect the banks.