The rapid emergence of innovative technologies in the debt collections industry is creating new opportunities for lending institutions. Lending institutions have already redefined how they interact with their customers, indicating that 2023 will see a significant amount of change. A technology-driven ecosystem is becoming more prevalent thanks to increased use of data analytics and tools like artificial intelligence and machine…
Origination of RDDBFI Act – An Introduction Banks and financial institutions that are properly registered by Reserve Bank of India ( RBI) provide legal entities and borrower entities with the loan facility. If the borrower fails in repaying the loan sum or part of it which includes unpaid interest and/or debt which is Non-Performing Asset (NPA), the debt may be…
Strategies for Debt Recovery Each and every individual working in any sector wants to earn money and the companies that lend money(loan) to such individuals for various purposes are no different. In order to make money/gain profit, it is imperative for lending companies to formulate prudent and well-considered strategies as to how the Bad Debt Recovery Services ought to take…
Introduction Debt Recovery Software is a process in which a loan goes unpaid continuously. To save the loan from becoming a bad loan or non-performing asset, the creditor hires a collection agency or a Debt Recovery Software, a third party that helps in the legal recovery of the loan. Loan Recovery Platform verifies every claim of creditors, and then a…