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03 Mar 2024, Edition - 3155, Sunday

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Need to strengthen Debt Recovery Tribunal to speed up recovery

Covai Post Network


Coimbatore : Recovery being a major challenge for the banks, the government should strengthen Debt Recovery Tribunal (DRT) to speed up recovery process, a senior UCO Bank official said Sunday.

Even after issuance of recovery certificates by the DRT, the execution and recovery take nearly three to five years in majority of the cases, resulting in increase in NPA percentage, the Bank Deputy General manager (Under Audit and inspection) Koklatta, R J Shankara told reporters here.

In order to expedite the recovery process, the Government should strengthen DRT and also increase the number of Tribunals, he said.

Shankara was here to conduct regional level consultation and ideation meet with officials of 60 branches in Coimbatore zone.

In depth discussion on eight thematic topics, including increasing digital payment, credit for MSMEs, agricultural, retail and export sectors, as directed by Department of Financial services in Ministry of Finance, was held, Deputy General Manager and Zonal Head, C A Nagarathna said.

The ideas and suggestions will be compiled and sent to the top bank authorities for further follow up, she said.

On recovery of loans, particularly education and farmers, Nagarathna said that as against the national average of 15 to 20 per cent, Coimbatore zone topped with 35 per cent in educational loan recovery.

When asked about the impact of slow down in automobile sector, she said thatthere was no no big impact .as bank granted 30 to 40 loans for cars per month as usual.

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