Key amendments to recovery laws such as restricting the number of adjournments that defaulting borrowers can seek in the Debt Recovery Tribunal are likely to help banks to step up their bad loans recovery drive.
Another amendment allows banks to purchase collateral (pledged with the bank by a defaulter-borrower) at the reserve price in case no party comes forward to bid at the auction.
With the Finance Ministry asking banks to intensify their bad loan recovery efforts, the above mentioned amendments, which were carried out in December 2012, are expected to come in handy, say bankers.
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