The Department of Financial Services (DFS), Ministry of Finance organised a colloquium of Chairpersons of Debts Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debts Recovery Tribunals (DRTs) today at Vigyan Bhavan, New Delhi. Secretary, DFS addressed the participants which included senior officers of the DFS, representatives of various public and private sector banks and Indian Banks’ Association.

The Secretary underlined the key initiatives taken by the Department for deepening of digitisation to improve the processes of tribunals such as adoption of mandatory e-filing, use of video conferencing, hybrid hearings etc. The colloquium witnessed discussions on wide-ranging issues to enhance the effectiveness of recovery process in DRTs. The key areas of discussions included:

1. Measures to be taken for further strengthening, monitoring and oversight mechanisms of banks for increasing recovery through DRTs;
2. Focused attention on high value cases in DRTs for optimizing recovery;
3. Optimum usage of Lok Adalats as an alternate dispute resolution mechanism for expeditious disposal of cases;
4. Further process reforms to improve disposal in DRTs;
5. Capacity building measures to be taken by the Department and Banks including structured training programs for Presiding Officers, Recovery Officers, Registrars and authorised officers of banks.

The discussions were held on the suggestions regarding amendments to the Recovery of Debts and Bankruptcy Act, 1993 and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in order to further enhance the effectiveness of these laws.

The tribunals were urged to learn from the best practices followed in other DRTs where disposal is impressive.

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NB/PK

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