DRT AND INDEMNITY
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What does DRT stand for and under which Act was it established?
DRT stands for Debt Recovery Tribunal, established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act).
Under which Act were Debt Recovery Tribunals (DRTs) established in India?
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
What is the minimum debt threshold for filing a case before the DRT?
A bank or financial institution can file a case before the DRT for recovery of debts of Rs. 20 lakh and above.
What is the full form of RDDBFI Act?
Recovery of Debts Due to Banks and Financial Institutions Act.
What is the appellate authority above the DRT?
The Debt Recovery Appellate Tribunal (DRAT) is the appellate authority above the DRT, and appeals must be filed within 30 days of the DRT order.
Which section of the Indian Contract Act, 1872 defines indemnity?
Section 124 defines a contract of indemnity.
What is the time limit for DRT to decide a case after the application is made?
The DRT is required to dispose of the application as expeditiously as possible and endeavour shall be made to dispose of it within 180 days from the date of receipt.
What is the minimum number of DRTs that the Central Government can establish?
Central Government may establish as many DRTs as it thinks fit.
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