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Department of Financial Services (DFS), Ministry of Finance organises a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) Various key initiatives taken by the Department highlighted at the colloquium such as adoption of revised DRT Regulations, mandatory e-filing, among others The Department of Financial Services (DFS), Ministry of Finance organised a colloquium of Chairpersons of Debt Recovery Appellate Tribunals
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FAQ :
The colloquium was organised to boost the debt recovery mechanism by discussing and implementing key initiatives to enhance the efficiency of DRTs and DRATs.
Attendees included Chairpersons of DRATs, Presiding Officers of DRTs, senior officers from the Department of Financial Services, and representatives from public and private sector banks and the Indian Banks' Association.
Key initiatives highlighted included the adoption of revised DRT Regulations, mandatory e-filing, hearings through video-conferencing, and hybrid hearings to reduce the turnaround time for cases.
Discussions focused on effective implementation of DRT Regulations 2024, robust monitoring by banks, prioritising high-value cases, using alternate dispute resolution, training officials, and introducing further reforms to reduce processing times.
The ultimate goal is to reduce case pendency, establish an effective recovery ecosystem, and facilitate the redeployment of capital locked in pending cases for productive use in the economy.
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