Finmin asks banks to implement oversight mechanism for management of DRT pending cases

Quick Summary:

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.

It was decided that the DRT Regulations 2024 which have a number of improved features over the earlier DRT Regulation 2015 to be adopted by all DRTs with an objective to make the DRT process more effective and less time consuming.

It has been emphasised that some of the best practices can be adopted across DRTs for better outcomes, an official statement said.

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Author / Journalist: Press Trust of India

Category: StartupsEconomyBusiness

Markets: India

Topics: Pending Debt Recovery Meeting Effective Tribunals Privacy Cases Banks Drts Policy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-21 @ 15:57:43 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 211 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 16 words per sentence (average)

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Copyright Owner: © YourStory

News ID: 22632027

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