The notification dated September 6, 2018 of finance ministry, Government of India increased the monetary limit up to Rs.20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions.
It is reported that there are 38,376 cases pending in 39 debt recovery tribunals (DRTs) in the country, as on 30 June 2018. In order to make the tribunals more effective and to facilitate fast disposal of debt recovery cases, the government has made several amendments in different laws, including the SARFAESI Act. Pilots have been already completed for this plan, which envisages e-filing, e-payment of fees, uploading of orders and online viewing of court case status. As per the plan, a common e-auction platform will be set up for all state owned banks with effect from October1, 2018 where details of the property, photos, loan amount, title, auction amount and all other details will be available. The above move is expected to draw more bids and better prices for auctioned properties. The government has also requested chief secretaries of states to ask the district magistrates to pass orders on assets seized by banks within 60 days.
As per provisional RBI data on global operations as on March 2018, total amount of Rs 3,98,671 crore was written-off by banks over the last four financial years. Over the same period, their NPAs reduced by Rs 2,57,980 crore due to recoveries.
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