Finance ministry asks banks to set up oversight mechanism for pending DRTs

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The story "Finance ministry asks banks to set up oversight mechanism for pending DRTs" was covered 1 weeks ago by Business Standard, a news publisher based in India.

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Finance ministry asks banks to set up oversight mechanism for pending DRTs - Business Standard

Quick Summary:

The Finance Ministry on Saturday asked banks to put in place effective monitoring and oversight mechanisms for efficient management of pending cases in Debt Recovery Tribunals (DRTs).

During the meeting it was also deliberated that banks should clearly define the policy for small and high-value cases pending in DRTs for optimising the recovery and all stakeholders should work collectively to reduce pendency and take effective measures for optimisation of recovery.

Financial Services Secretary M Nagaraju, who chaired a meeting with chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) also discussed some of the best practices followed in DRTs.