BANGALORE: Debt recovery tribunals have always been the most difficult ones to follow up for the banks as well as the financial institutions. Thus our government is coming up with the idea of e-governance in debt recovery tribunals, which could help state run banks recover a sizeable part of the Rs 3.7-lakh core worth of bad loans. Reports The Economic Times.
With the introduction of e-DRT project the tracking and maintaining of loan accounts and details will become simpler for the state run banks and financial institutions. They will be able to manage and track cases online and access accurate report. The system will be also useful to find out people who have not followed the cause of borrowing the money and speedy recovery of public money.
The new system will help the financial organization to track and keep an accurate record of the debts and the power to enforce proceedings and orders. ." The official said the system will prevent borrowers from stalling the recovery process by approaching the appellate tribunal as it will define a time frame within which the tribunal will have to decide the appeal.
The E-DRT project will be implemented in all the courts in this year and the government is in the process of developing six new DRT projects. These projects will push for early recovery of cases in which willful defaulters are declared. There are opinions coming up on further tightening of the system by issuing a 50% deposit fine for cases in which stay orders are approved.
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