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Important laws relating to recovery of dues
What is the primary legislation governing the recovery of debts due to banks and financial institutions in India?
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) is the primary legislation, which established Debt Recovery Tribunals (DRTs) to fast-track recovery of dues above Rs. 20 lakh.
What is the full form of RDDBFI Act?
Recovery of Debts Due to Banks and Financial Institutions Act
What is the minimum debt amount for which a bank can approach the Debt Recovery Tribunal (DRT)?
A bank can approach the DRT for recovery of debts of Rs. 20 lakh and above, as the RDDBFI Act applies to cases where the debt is not less than this threshold.
In which year was the RDDBFI Act enacted?
1993
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