Monetary limit for filing cases in DRT doubled to Rs 20 lakh

The government today doubled the monetary limit to 20 lakh rupees for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions.
A Finance Ministry notification said the move is aimed at helping reduce pendency of cases in DRTs.There are 39 DRTs in the country.
To make the tribunals more effective and to facilitate fast disposal of debt recovery cases, the government has made several amendments in different laws, including the SARFAESI Act.

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