Financial Daily from THE HINDU group of publications
Thursday, Jan 09, 2003
Financial Daily from THE HINDU group of publications Thursday, Jan 09, 2003 |
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Money & Banking
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Non-Performing Assets Kochi DRT hit by staff shortage Our Bureau
KOCHI, Jan. 8 WHILE there are more than 1,000 recovery certificates pending for execution before the Debt Recovery Tribunal (DRT) in Kochi, there is effectively just one recovery officer who has to undertake the recovery of the decreed debts of banks and financial institutions throughout the State. ``The DRT at Kochi is not functioning effectively due to the lack of required number of recovery officers and a permanent registrar and Presiding officer,'' the Indian Banks' Association, Cochin Local Chapter has said in a statement. Currently, the DRT office has only two recovery officers, of which one is officiating as registrar and hence his services for recovery is practically not available. This leaves the burden of recovery on the shoulders of just one officer. The paucity of officers has resulted in the increase in unattended recovery certificates. Added to this, the presiding officer of Kochi DRT office has left for Delhi on another assignment in November 2002 and currently there is no permanent presiding officer posted to the DRT office in Kochi, the statement said. With the presiding officer of Coimbatore taking concurrent charge of DRT office of Kochi, no disposal is taking place with regards to the cases pending. Taking into consideration the gravity of the situation, the members of the Cochin chapter of Indian Banks' Association met last week and unanimously resolved to take up the matter with the High Court of Kerala and the Ministry of Finance in New Delhi to intervene in the matter and provide the necessary manpower and infrastructure to the DRT in Kochi.
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