Latest news with #DebtRecoveryAppellateTribunals
Time of India
24-05-2025
- Business
- Time of India
Finance Ministry urges banks, DRTs to speed up debt recovery
Tired of too many ads? Remove Ads The finance ministry has called on banks, debt recovery tribunals and other stakeholders to work together to reduce the backlog of pending cases and create a more effective recovery ecosystem, to help free up capital stuck in capital could be redeployed "for productive use in the economy," the ministry said in a statement on appeal was made during a colloquium held earlier in the day with chairpersons of Debt Recovery Appellate Tribunals (DRATs), presiding officers of debt recovery tribunals (DRTs), and representatives of various public and private sector banks as well as the Indian Banks' the key issues deliberated were prioritisation of high-value cases, use of alternate dispute resolution mechanisms such as Lok Adalats, and further reforms to reduce turnaround time for various processes in DRT proceedings, the statement was also pointed out that robust monitoring and oversight mechanisms by banks are key for increasing recovery through ministry also highlighted key initiatives taken by the Department of Financial Services such as the adoption of revised DRT regulations, mandatory e-filing, hearing through video conferencing, and hybrid hearings for reducing turnaround time of the matters adjudicated by the tribunals.
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Business Standard
24-05-2025
- Business
- Business Standard
Finance Ministry calls for joint effort to cut backlog at debt tribunals
The Finance Ministry on Saturday urged all stakeholders to collaborate in reducing pendency of cases at debt recovery tribunals (DRTs) by establishing an effective recovery ecosystem. This would facilitate the redeployment of capital locked in cases pending before DRTs for productive use in the economy, the finance ministry said in a statement. During a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by the Department of Financial Services (DFS), the Ministry of Finance also discussed effective implementation of DRT Regulations, 2024 and prioritisation of high value cases in DRTs for optimal recovery. Justice S V N Bhatti, Judge of the Supreme Court of India, graced the meeting which was also attended by senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association. DFS Secretary M Nagaraju highlighted various key initiatives taken by the Department such as adoption of revised DRT Regulations, mandatory e-filing, hearing through video-conferencing, hybrid hearings etc. for reducing turnaround time of the matters adjudicated by the tribunals. During the meeting, introduction of further reforms to reduce turn-around time for various processes in DRT proceedings etc. were also discussed. Robust monitoring and oversight mechanisms by banks for increasing recovery through DRTs and use of alternate dispute resolution mechanisms including Lok Adalats for expeditious disposal of cases were also discussed.
