Bankers have been asked to pull up their socks and approach the debt recovery tribunals (DRTs) with a complete set of papers when filing loan recovery suits.
This was conveyed to the bankers at a meeting of the presiding officers of DRTs, finance ministry officials and Punjab National Bank chairman and managing director S S Kohli and Oriental Bank of Commerce chairman and managing director B D Narang and senior executives from other banks and institutions here on Saturday.
DRT officials and presiding officers pointed out that the plaint filed by banks were not proper, documents were not attached, at times affidavits to be filed by bank managers were not given, often details of mortgages were missing. The bankers were also asked to expedite the procedural formalities to enable speedier disposal of cases.
More From This Section
The meeting had been convened as banks were complaining that expeditious recovery from loan defaulters was not taking place.
Registrars and recovery officers of DRTs also pointed out some infrastructure bottlenecks. The government on its part is trying to computerise the DRTs and the debt recovery and appellate tribunals.