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Indian Financial Ministry to Use Videoconferencing in Debt Recovery Tribunals
November 13, 2012 | Telepresence Options
Bid to improve loan recovery, monitor cases closelyMumbai, Nov. 12:
Rising bad loans in the banking system, especially in public sector banks, has prompted the Finance Ministry to take up computerisation of debt recovery tribunals and debt recovery appellate tribunals.
Increasing efficiency of the loan recovery process through computerisation has assumed urgency as bad loans in the banking system jumped 45 per cent to Rs 1,42,300 crore in FY12 from Rs 97,900 in FY11.
Computerisation of the tribunals, as envisaged by the Ministry, will enable online registration of applications, online submission of applications and documents by the registered applicant, online issue of notices, orders and e-auctions.
The system would also provide for hearing of cases through video-conferencing wherever required.
"Once the debt recovery tribunals (DRTs) and debt recovery appellate tribunals (DRATs) are computerised we will be able closely monitor recovery cases from the head office almost on a day-to-day basis.
"This will also ensure that our officers visit the tribunals only at the time when their case is scheduled to come up for hearing (and not wait for their turn from morning till evening), thereby enabling them to pursue other loan recovery cases," said a senior public sector bank official.
Under the computerised environment, it will be necessary for banks to incorporate the prescribed application forms in their computer systems to be filed with the DRTs according to the rules framed under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
However, certain procedures for filing of original documents and affidavit coupled with such original documents may still need to be carried out manually.
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