Debt Recovery Tribunals
Debt Recovery Tribunals News
The recognition of e-KYC can also aid in boosting the productivity of bank resources and save costs involved in manual procedural formalities.
Union Budget 2019: Bank unions bat for strong loan recovery laws with provision to confiscate defaulters’ assets
With the rise in NPAs, the government should institute more debt recovery tribunals and fast-track courts to recover bad loans, it said.
Govt says Mudra defaults no concern as majority loans securitised; RBI warns Centre of spike in NPAs under scheme
RBI alerted the finance ministry over the rise of NPAs under the Mudra Yojana and said that the scheme could become next big source of bad loans.
The Great Indian NPA Mess: How MUDRA scheme, Kisan credit cards could pose the next round of risk for banking sector
The loans extended under the government’s MUDRA scheme and Kisan Credit Cards pose a potential credit risk. These growing liabilities need to be examined with greater urgency.
The move is aimed at helping reduce pendency of cases in Debt Recovery Tribunals (DRTs).
The panel recommended that passing of an ex-parte order after the show cause notice of 30 days of the service of summons may be a violation of the principles of natural justice.
Congress member Digvijay Singh expressed concern over the poor conviction rate in such matters which, as per the details provided by the Finance Minister, was just 1.14 per cent during 2015-16.
Amid furor over Vijay Mallya loan default matter, the government on Wednesday introduced in the Lok Sabha a Bill which provides for expeditious disposal of debt recovery applications pending before tribunals.
The RBI is tightening the screws against crony borrowers who manage to delay repayments and loan recoveries to banks endlessly using chinks in the system