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Cabinet approved establishment of six new Debt Recovery Tribunals (DRTs) at Chandigarh, Bengaluru, Ernakulam, Dehradun, Siliguri and Hyderabad (4 DRTs at Bangaluru, Chandigarh, Ernakulam & Hyderabad are additional DRTs).

A study conducted through Indian Banks Association (IBA) in consultation with all stake holders, recommended rationalization of jurisdiction of some DRTs and setting up of six more DRTs. The number of cases pending with DRTs is over 50,000 and cases are increasing.

The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) was enacted to provide for the establishment of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) for expeditious adjudication and recovery of debts due to banks and financial institutions. After the enactment of the SARFAESI Act 2002, DRTs have the Appellate jurisdiction under the said Act. The Finance Minister, in his Budget Speech on 10.7.2014 announced that six new DRTs would be set up.

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PM Modi takes part in 14th BRICS Summit
June 24, 2022
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Prime Minister Shri Narendra Modi led India’s participation at the 14th BRICS Summit, convened under the Chairship of President Xi Jinping of China on 23-24 June 2022, in a virtual format. President Jair Bolsonaro of Brazil, President Vladimir Putin of Russia, and President Cyril Ramaphosa of South Africa also participated in the Summit on 23 June. The High-level Dialogue on Global Development, non-BRICS engagement segment of the Summit, was held on 24 June.

On 23 June, the leaders held discussions including in fields of Counter-Terrorism, Trade, Health, Traditional Medicine, Environment, Science, Technology & Innovation, Agriculture, Technical and Vocational Education & Training, and also key issues in the global context, including the reform of the multilateral system, COVID-19 pandemic, global economic recovery, amongst others. Prime Minister called for strengthening of the BRICS Identity and proposed establishment of Online Database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation between MSMEs. India will be organizing BRICS Startup event this year to strengthen connection between Startups in BRICS countries. Prime Minister also noted that as BRICS members we should understand security concerns of each other and provide mutual support in designation of terrorists and this sensitive issue should not be politicized. At the conclusion of the Summit, BRICS Leaders adopted the ‘Beijing Declaration’.

On 24 June, Prime Minister highlighted India’s development partnership with Africa, Central Asia, Southeast Asia, and from Pacific to Caribbean; India’s focus on a free, open, inclusive, and rules-based maritime space; respect for sovereignty and territorial integrity of all nations from the Indian Ocean Region to Pacific Ocean; and reform of multilateral system as large parts of Asia and all of Africa and Latin America have no voice in global decision-making. Prime Minister noted the importance of circular economy and invited citizens of participating countries to join Lifestyle for Environment (LIFE) campaign. The participating guest countries were Algeria, Argentina, Cambodia, Egypt, Ethiopia, Fiji, Indonesia, Iran, Kazakhstan, Malaysia, Senegal, Thailand and Uzbekistan.

Earlier, in the keynote speech delivered at the Opening Ceremony of BRICS Business Forum on 22 June, Prime Minister appreciated BRICS Business Council and BRICS Women Business Alliance which continued their work despite COVID-19 Pandemic. Prime Minister also suggested the BRICS business community to further cooperate in field of technology-based solutions for social and economic challenges, Startups, and MSMEs.