look news india
RBI: The Finance Ministry on Saturday asked banks to put in place effective monitoring and oversight mechanisms for efficient management of pending cases in Debt Recovery Tribunals (DRTs). Financial Services Secretary M Nagaraju chaired a meeting with Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs). They also discussed some of the best practices followed in DRTs.
An official statement said that some best practices can be adopted in DRTs for better results. It was also discussed during the meeting that banks should clearly define the policy for small and high value cases pending in DRTs and all stakeholders should work collectively to reduce the pendency of cases.
Banks should use UPI to empower people: Finance Minister
Regarding Unified Payment Interface (UPI), Finance Minister Nirmala Sitharaman has asked banks to explore transformational innovation and digital opportunities in UPI to empower people. India's UPI accounts for 45 percent of the world's digital payments. The Finance Minister also said that a good banking system can help achieve greater economic growth, social progress and environmental sustainability.
According to the data of National Payments Corporation of India (NPCI), in August, transactions through UPI grew 41 percent year-on-year to 14.96 billion. During this period, the value of transactions grew 31 percent year-on-year to Rs 20.61 lakh crore. Every month, about 60 lakh new users are joining UPI. The reason for this is linking UPI with credit cards and launching it abroad.