FinMin colloquium to brainstorm ways to check rising debt recovery cases

The Union Finance Ministry is holding a colloquium on Tuesday to review pending debt recovery cases before debt recovery tribunals (DRTs) and debts recovery appellate tribunals (DRATs) involving public sector banks, which soared to 137,000 involving 7.49 trillion in September.

- HARSH KUMAR

“The colloquium will see the participation of chairpersons of DRATs, presiding officers of DRTs, and senior bank executives. The move comes against the backdrop of a worrying rise in unresolved cases before DRTs, and aims to deliberate on possible measures that can be adopted going forward to ensure faster recovery of public money,” according to senior government officials who spoke on condition of anonymity. He said that the upcoming meeting aims to identify bottlenecks, streamline procedures and explore measures to improve efficiency and effectiveness of DRTs and DRATs, which play a critical role in the recovery of stressed assets in the banking system.