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Indian Overseas Bank takes to skip tracing, recovers Rs 75 cr fromdefaulters

Indian Overseas Bank, Indian Overseas Bank skip tracing, skip tracing news, what is skip tracing, all about skip tracing For the quarter ended September 30, 2016, out of the 78,776 http://collins8775ll.wpfreeblogs.com/emerging-guidance-for-rudimentary-topickeyword-methods accounts the bank had shared with a credit information company, it claims 20,545 accounts have been traced. Of this, recoveries were made from 13,197 accounts. The maximum amount was recovered from the education loan category — Rs 43.20 crore from 8,556 accounts. The second largest recovery was from the housing loan category at Rs 19.63 crore from 2014 accounts. “We have done this for retail NPA accounts so far. Skip Trace Now, we are thinking of using this to track MSME accounts as well,” said a senior bank executive. Skip tracing is a method of locating a person who has disappeared without any trace. It makes use of comprehensive contact information on customers from credit bureau databases updated from financial institutions on a regular basis. The information includes names, addresses, email ids, PAN, Aadhaar and anything that a customer provides as a know your customer (KYC) detail to any financial institution while applying for a loan or during any other process.

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