Finance ministry: The Finance Ministry has asked banks to establish effective monitoring and inspection mechanisms regarding pending cases in debt recovery tribunals.
RBI: The Finance Ministry on Saturday asked banks to establish effective monitoring and inspection mechanisms for efficient management of pending cases in Debt Recovery Tribunals (DRTs). Financial Services Secretary M Nagaraju chaired a meeting with the Chairpersons of Debt Recovery Appellate Tribunals (DRAT) and Presiding Officers of Debt Recovery Tribunals (DRTs). During this, he also discussed some best practices to be adopted in DRTs.
An official statement said that some best practices can be adopted in DRTs for better results. During the meeting, it was also discussed that banks should clearly define the policy for small and high value cases pending in DRTs and all stakeholders should work collectively to reduce pending cases.
Banks should use UPI to empower people: Finance Minister
Regarding Unified Payment Interface (UPI), Finance Minister Nirmala Sitharaman has asked banks to explore transformative innovation and digital opportunities in UPI to empower people. India’s UPI has a 45 percent share in the world’s digital payments. The Finance Minister also said that a good banking system can help achieve more economic growth, social progress and environmental sustainability.
According to data from the National Payments Corporation of India (NPCI), transactions through UPI in August grew 41 percent year-on-year to 14.96 billion. During this period, the value of transactions grew 31 percent year-on-year to Rs 20.61 lakh crore. About 6 million new users are joining UPI every month. The reason for this is linking UPI with credit cards and launching it abroad.
