i-IRAC is a comprehensive solution to manage non-performing assets (NPA) and recovery proceedings. The solution can be closely integrated with any Core Banking Solutions.

Features

• Asset Classification
• Fully integrated with the transaction system.
• Asset can be classified based on the information module available in the base systems.
• Provides various checklists to facilitate data cleansing in the base systems.
• Supports parameterized norms to facilitate frequent changes as per the master circulars of the regulatory authority (say, RBI in India).
• Identifies probably NPAs and raises early alerts or warnings.
• Manages and maintains partial or full and technical write-offs.


• Provision Classification
• Percolation of worst classification of all accounts of a customer.
• Features like Agri advances, demand loan extended benefit.
• Calculated provision is provided in the following ways
• As per the system
• As per the user
• Extra provision suggested by the auditor
• Previous Quarter’s provision
• Additional provision for the current quarter

Benefits

• Effective compliance of regulatory norms
• Accuracy in classification of NPA provision classification
• Facilitates prompt statutory audit
• Strategic tool for NPA management