Finance ministry eyes recovery of bad loans by public sector banks in Q2

Now, PSBs have been advised to join hands with the Indian Banks' Association (IBA), steering an initiative to redesign the PSB e-auction websites

The department of financial services (DFS) expects “good” recovery of bad loans by the public sector banks (PSBs) in the second quarter of the current financial year. It said the department had made efforts to de-clog debt recovery tribunals, put them on e-mode, auction properties by banks online, and coordinate with states to fast track resolution of cases, which would help in the recovery. 

“... expecting good recovery in the second quarter,” financial services secretary Rajiv Kumar told reporters. 

He said promoters were willing to pay up outside the National Company Law Tribunal (NCLT) process. 

“It’s pay-up time for the defaulters," he said.