What Is The Full Form Of DRT In Banking?
DRT full form in banking is Debt Recovery Tribunal. This is a specialized crew in the banking world whose main gig is sorting out the messy business of unpaid debts. Their goal is to mediate between the folks lending money (banks and such) and the folks who borrowed it (like individuals or businesses) when it comes to paying back loans. When a borrower can’t cough up the cash to settle their debts, the lender can make a beeline for the DRT for some legal backup. The DRT has the green light to deal with cases related to debt recovery that are over a certain amount, as dictated by the government. It’s kind of a big deal, they operate independently and have powers pretty similar to a civil court.
What Else Should You Know About DRT?
Well, the debt recovery process kicks off when the lender files a complaint with the DRT, laying out the nitty-gritty of the loan, the default, and the amount that’s still owed. After that, the DRT hits up the borrower with a notice, telling them to show up at the tribunal. Both sides then get a fair shake to tell their side of the story, back up their claims with proof, and defend their position. The DRT has the power to dig into all the facets of the case, from the legitimacy of the loan agreement, any collateral that might exist, and anything else that might be relevant to the case.