Q. Debt Recovery Tribunals (DRTs) were established under which act?
Answer: Recovery of Debts Due to Banks and Financial Institutions Act, 1993
Notes: The Department of Financial Services (DFS) under the Ministry of Finance recently held a colloquium in New Delhi with heads of Debt Recovery Appellate Tribunals (DRATs) and Debt Recovery Tribunals (DRTs). Debt Recovery Tribunals (DRTs) are special courts set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They mainly handle loan default cases involving amounts above ₹20 lakh from banks and financial institutions. DRTs also hear Securitisation Applications (SAs) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. India currently has 39 DRTs, each led by a Presiding Officer.

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