Union Bank of India surges on developing automated solution for early resolution of stressed assets
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Union Bank Of India is currently trading at Rs. 37.50, up by 0.40 points or 1.08% from its previous closing of Rs. 37.10 on the BSE.
The scrip opened at Rs. 37.50 and has touched a high and low of Rs. 37.60 and Rs. 37.00 respectively. So far 325810 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 54.80 on 09-Nov-2021 and a 52 week low of Rs. 32.65 on 23-Aug-2021.
Last one week high and low of the scrip stood at Rs. 38.60 and Rs. 36.60 respectively. The current market cap of the company is Rs. 25630.30 crore.
The promoters holding in the company stood at 83.50%, while Institutions and Non-Institutions held 8.04% and 8.47% respectively.
Union Bank of India is developing an automated solution for early resolution of stressed assets. The product -- Union SARAS (Stressed Asset Recovery Automated Solution) -- will cover recovery actions under SARFAESI, DRT and IBC.
Other recovery actions include Civil Suit Revenue Recovery Act, Lok Adalat, classification of non-cooperative borrower, examination of staff accountability, willful defaulter, data and write-off. The solution will digitise all recovery functional areas, including field related work and converting through automated process flow of all recovery actions from initiation to its logical end.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
