The regional office of Union Bank of India in Mahabubnagar recovered Rs 43.16 lakh through Lok Adalat settlements on Saturday. The bank referred 585 cases of financial defaulters to the National Lok Adalat bench and served notices to the borrowers, including SMEs and farmers. Around 80 of them attended the programme and requested for a settlement.
Based on their pleas, the Lok Adalat and Union Bank of India offered them an 80% concession in loan repayments, resulting in the recovery of Rs 43.16 lakh. The borrowers and defaulters expressed their happiness for being able to settle their long-pending loan accounts.
The program was attended by Sandhya Rani, Mahabubnagar District Senior Civil Judge for Lok Adalat, Asha Latha, Additional Senior Civil Judge, and Union Bank Managers Hareesh, Suresh Kumar, Amit Sahoo, Rajesh Kumar, Thilak, and others.
