Banks to conduct periodic performance review of empanelled advocates to fast-track cases in DRTs
This is part of the issues discussed at a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi.
Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise the cases assigned to them based on performance, the finance ministry said on Saturday.
This is part of the issues discussed at a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi.
The meeting was also attended by senior officers from the public and private sectors banks; chief executive officer (CEO), Indian Bank Association (IBA); and senior officers from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI).
The conference also discussed that DRTs and DRATs would take all possible steps to reduce pendency at various stages through strict monitoring.
Several suggestions regarding changes and amendments in Debts Recovery Tribunal Regulations, SARFAESI Act and RDB Act discussed to make the process of recovery more efficient.
"Banks to conduct periodical review of the performance of empanelled advocates and rationalise the assignment of cases to the empanelled advocates taking into account their performance," a finance ministry statement said.
The meeting also discussed that banks and financial institutions would reconcile cases which are pending in DRTs and DRATs but have already been settled.
It was also discussed that banks would ensure presence of their officers at all the hearings of their respective cases before judicial forums, the statement added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:56 PM IST