Give your Savings an edge with higher interest rate.Get upto 4%* on your Savings Account Balances with CUB.Click for details       Dear Customer, We have launched Video KYC facility for New customers to open savings account at the convenience of their home. We would be glad to serve your Family & Friends who may wish to start banking with CUB.Click Here for Instant Account Openning                Click here for Instant e-PAN Home Page.        COVID-19 Precatutions: "Wear Mask, Wash Hands with Soap / Sanitizer Frequently and Keep Social Distancing". Stay Home Stay Safe         Dear Customer, Online ASBA is enabled in our Net/Mobile Banking.       Dear Customer, You can now submit Form 15G/H online through Net/Mobile banking.            City Union Bank, Employees & Board Members together made a humble contribution of Rs 2 Crs to support the Governments in the fight to eradicate Corona Virus pandemic: Rs 1 Cr to @PMcares & Rs 1 Cr to TN CM relief fund   Dear Customer, We have launched Video KYC facility for New customers to open savings account at the convenience of their home. We would be glad to serve your Family & Friends who may wish to start banking with CUB.Click Here for Instant Account Openning                Click here for Instant e-PAN Home Page.        COVID-19 Precatutions: "Wear Mask, Wash Hands with Soap / Sanitizer Frequently and Keep Social Distancing". Stay Home Stay Safe         Dear Customer, Online ASBA is enabled in our Net/Mobile Banking.       Dear Customer, You can now submit Form 15G/H online through Net/Mobile banking.            City Union Bank, Employees & Board Members together made a humble contribution of Rs 2 Crs to support the Governments in the fight to eradicate Corona Virus pandemic: Rs 1 Cr to @PMcares & Rs 1 Cr to TN CM relief fund
3. Giving notice to borrowers

While written communications, telephonic reminders or visits by the bank’s representatives to the borrower’s place or residence will be used as loan follow up measures, the bank will not initiate any legal or other recovery measures including repossession of the security without giving due notice in writing. Any genuine difficulties expressed/disputes raised by the customer will be considered by the bank before initiating recovery measures. Bank will follow all such procedures as required under law for recovery/repossession of security.

4. Repossession of Securitys

Repossession of security is aimed at recovery of dues and not to deprive the borrower of the property. The recovery process through repossession of security will involve     repossession, valuation of security and realization of security through appropriate means. All these would be carried out in a fair and transparent manner. Repossession will be done only after issuing the notice as detailed above. Due process of law will be followed while taking repossession of the property. The bank will take all reasonable care for ensuring the safety and security of the property after taking custody, in the ordinary course of the business and necessary cost will be charged to borrower.

5. Valuation and Sale of Property

Valuation and sale of property repossessed by the bank will be carried out as per law and in a fair and transparent manner. The bank will have right to recover from the borrower the balance due if any, after sale of property. Excess amount if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided the bank is not having any other claims against the customer.

In the case of hypothecated assets after taking possession if no payment is forthcoming a sale notice of 7 days time to respond will be sent to the borrower. Thereafter the bank will arrange for sale of the hypothecated assets in such manner as deemed fit by the bank. In respect of cases under SARFAESI Act as per the provisions of the Act, 30 days notice of sale will be sent. When public auction or by tender is envisaged, the same will be published in two leading news papers out of which one is in local vernacular paper.

6. Opportunity for the borrower to take back the security

As indicated earlier in the policy document, the bank will resort to repossession of security only for the purpose of realization of its dues as the last resort and not with intention of depriving the borrower of the property. Accordingly the bank will be willing to consider handing over possession of property to the borrower any time after repossession and before sale transaction of the property takes place, provided the bank dues are cleared in full. If satisfied with the genuineness of borrower’s inability to pay the loan installments as per the schedule which resulted in the repossession of security, the bank may consider handing over the property after receiving the installments in arrears. However, this would be subject to the bank being convinced of the arrangements made by the borrower to ensure timely repayment of remaining installments in future.

If the amounts are repaid, either as stipulated by the bank or dues settled as agreed to by the bank, possession of seized assets will be handed back to the borrower within seven days after getting permission from the competent/sanctioning authority or Court/DRT concerned if recovery proceedings are filed and pending before such forums.

7. Engagement of recovery agents

The bank may utilize the services of recovery agents for collection of dues and repossession of securities. Recovery agents will be appointed as per regulatory guidelines issued in this regard. In this respect

  1. The name and address of all Recovery Agents on the bank’s approved panel of the bank will be placed on the bank’s website for information and concerned.
  2. Only recovery agents from the approved panels will be engaged by the bank.
  3. In case bank engages service of such recovery/enforcement/seizure agent for any recovery case, the identity of the agent will be disclosed to the borrower.
  4. The recovery agents engaged by the bank will be required to follow a code of conduct covering their dealings with customers.
Back
Give your Savings an edge with higher interest rate.Get upto 4%* on your Savings Account Balances with CUB.Click for details       Dear Customer, We have launched Video KYC facility for New customers to open savings account at the convenience of their home. We would be glad to serve your Family & Friends who may wish to start banking with CUB.Click Here for Instant Account Openning                Click here for Instant e-PAN Home Page.        COVID-19 Precatutions: "Wear Mask, Wash Hands with Soap / Sanitizer Frequently and Keep Social Distancing". Stay Home Stay Safe         Dear Customer, Online ASBA is enabled in our Net/Mobile Banking.       Dear Customer, You can now submit Form 15G/H online through Net/Mobile banking.            City Union Bank, Employees & Board Members together made a humble contribution of Rs 2 Crs to support the Governments in the fight to eradicate Corona Virus pandemic: Rs 1 Cr to @PMcares & Rs 1 Cr to TN CM relief fund   Dear Customer, We have launched Video KYC facility for New customers to open savings account at the convenience of their home. We would be glad to serve your Family & Friends who may wish to start banking with CUB.Click Here for Instant Account Openning                Click here for Instant e-PAN Home Page.        COVID-19 Precatutions: "Wear Mask, Wash Hands with Soap / Sanitizer Frequently and Keep Social Distancing". Stay Home Stay Safe         Dear Customer, Online ASBA is enabled in our Net/Mobile Banking.       Dear Customer, You can now submit Form 15G/H online through Net/Mobile banking.            City Union Bank, Employees & Board Members together made a humble contribution of Rs 2 Crs to support the Governments in the fight to eradicate Corona Virus pandemic: Rs 1 Cr to @PMcares & Rs 1 Cr to TN CM relief fund
x