Finance Ministry instructs banks to dispose of bad loans up to Rs 1 crore expeditiously

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New Delhi: Finance Ministry has mutually agreed to provide public sector banks with Rs. 20 lakh to Rs. 1 crore has been directed to make one time settlement (OTS) with loan defaulters. This will help in reducing the burden on the debt recovery authority.

A senior Finance Ministry official said that the pendency of such cases in the Debt Recovery Authority is 72-74 percent. This will reduce the burden on the debt recovery authority. This will also help banks recover non-performing assets. The board of the concerned bank will decide whether to recover a lesser amount in these cases dealing with the settlement. Average minimum amount is not fixed for all banks.

This year, the Finance Ministry told the Lok Sabha at the beginning of the year that 1,58,000 cases were pending with the Debt Recovery Authority till February 2023. There are many cases pending in DRT. 4.43 lakh crore cases were registered by various banks and financial institutions in the five years before 2022. Out of them, the authority disposed of 110498 cases.

Banks file cases with the Debt Recovery Authority from accounts where the banks cannot make any recovery for three years and the amount is more than Rs 20 lakh. Indeed in cases where the debt recovery authority registers the case.

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