Financial Daily from THE HINDU group of publications
Tuesday, Apr 09, 2002
Financial Daily from THE HINDU group of publications Tuesday, Apr 09, 2002 |
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Money & Banking
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Non-Performing Assets Alternative mechanism for NPAs urged Our Bureau
HYDERABAD, April 8 BANKS and financial institutions in the country should explore the alternative dispute resolution (ADR) mechanism as an effective means to settle disputes and bring down NPAs by reducing the cost and time in resolving them, according to Dr C. Rangarajan, Governor of Andhra Pradesh. Dr Rangarajan said for the successful implementation of ADR, we may also need arbitration institutions which can effectively administer the ADR methods, which need to be explored, for instance to reduce NPAs in banks, a major concern now. "The use of ADR in international commerce is growing in importance. If NPAs of financial institutions can be reduced considerably by cost-effective and less time consuming methods like arbitration and conciliation, it will be of great help,'' he said speaking at `New challenges in financial sector reforms - role of alternative dispute resolution practices'. Resorting to arbitration should be welcomed by both banks and the borrowers.
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