Recovery of Debts Due to Banks and Financial Institutions Act, 1993

The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, is a law in India that helps banks and financial institutions recover loans or dues more quickly and efficiently. It establishes special courts called Debt Recovery Tribunals (DRTs) to hear cases and make faster decisions, reducing delays caused by regular courts. The act provides streamlined procedures for lenders to recover outstanding debts from borrowers, including attaching properties or assets. Its primary goal is to protect the financial system by ensuring timely recovery of loans, thereby maintaining banking stability and growth.