The Operations Of Bank Debt Recovery Tribunal
Q: I've always heard of that India has a well-developed and transparent financial and central banking system. This is especially true in the last 2 decades or so. My questions are basic: 1. What constitutes an efficient banking system? 2. What is evidence that India has a good banking system?
A: reserve bank of india...runs an audit on all Indian banks every quarter plus a complete audit,drt or debts recovery tribunal,to over see non performing assets,and bad loans,are not stuck in the judicial system,and such cases go for direct settlement...banks have a quick rotation policy,that managers and other officials of the bank,do not remain in any one particular branch,for more than three years,and all India transfer...and all disputes to be solved in the regional level....all loans to companies are to OKed by minimum of three officers in a bank....and responsibility to be fixed within a time frame,for any irregularities,banking system comes under the purview of consumer courts,to decide deficiency of service....lower interest rates and priority sector lending,consumer goods bought withing ambit of bank loans,to cover middle class...lending money on commodities and precious metals,with proper appraisal of the value... .