The Mahbubnagar branch of Union Bank of India has recovered Rs 36.10 lakh from defaulting individuals through a one-time settlement during the National Lok Adalat programme. The event was organized by Union Bank of India and the district legal services authorities.
Out of the 788 cases referred to the Lok Adalat, notices were served to eligible borrowers. A total of 36 individuals representing Small and Medium Scale Industries actively participated in the Lok Adalat panel, seeking a settlement.
In response, the Lok Adalat and Union Bank of India provided more than an 80% concession towards their liabilities. This resulted in the resolution of the cases through a one-time settlement, with a recovery of Rs 36.10 lakhs. The borrowers expressed their gratitude to the bank authorities and Lok Adalat for efficiently resolving long-pending issues.
The programme saw the participation of notable figures such as Sandya Rani, Mahabubnagar District Senior Civil Judge for Lok Adalat, Union Bank Regional Head R Satyanarayana, District Principal Judge B Papi Reddy, Additional Sessions Judge Padma, and Bank Chief Managers Uttam and Eswar Naik. Bank Managers Purna Chandra Naidu, Prashanth, Ramesh, Hareesh, Thilak, and other branch staff also actively participated in the proceedings.
