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Asset reconstruction companies have called for improved government intervention to accelerate debt recovery through DRTs. They proposed changes including automatic lapse of interim stays after two months and better notification processes for creditors. Additionally, they requested timely filling of DRT vacancies and enhanced electronic services for litigation. The Sarfaesi Act has been highlighted as an essential tool for banks in asset recovery. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sjWD1H2 via IFTTT

The Reserve Bank of India has asked banks to identify systemic, process and operational gaps behind recurring customer complaints and conduct root-cause analysis to reduce their recurrence. The regulator also called for stronger capacity building and grievance handling. More than 1.33 million complaints were received under the ombudsman scheme in FY25. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XB2CpQS via IFTTT