Finance Ministry's Call for Effective Debt Recovery Collaboration
The Finance Ministry urges stakeholders to collaborate in reducing case pendency at Debt Recovery Tribunals. This move aims to redeploy locked capital for productive use. A meeting discussed effective implementation of DRT Regulations, 2024, prioritization of high-value cases, and the introduction of further recovery reforms.
- Country:
- India
The Finance Ministry on Saturday issued a clarion call for stakeholders to unite in tackling the backlog of cases pending at Debt Recovery Tribunals (DRTs). By addressing this issue, the ministry aims to unlock and redeploy capital for maximizing economic productivity.
At a colloquium involving the Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of DRTs, spearheaded by the Department of Financial Services (DFS), discussions focused on successfully implementing the DRT Regulations, 2024. Emphasis was placed on prioritizing high-value cases for optimal recovery.
Supreme Court Judge S V N Bhatti participated in the event, alongside senior Department of Financial Services officials, bank representatives, and the Indian Banks' Association. Key initiatives highlighted include revised DRT regulations and measures to accelerate tribunal proceedings through e-filing and video-conferencing.
(With inputs from agencies.)
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- Finance Ministry
- Debt Recovery
- DRTs
- capital
- productivity
- DFS
- regulations
- collaboration
- banks
- reforms
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