What is the Full Form of DRT?

2 minute read

The full form of DRT is Debt Recovery Tribunals. It refers to those tribunals that were specifically established to facilitate speedy recovery of debts which are debt to financial institutions and banks. In simple terms, the primary purpose of DRT or Debt Recovery Tribunals is to recover loaned money from customers. 

Also Read: What is the Full Form of AE?

History of DRT

  • Earlier, financial institutions and banks faced much difficulty in recovering loans provided to individuals and organizations. 
  • Although cases of Non-Performing Assets (NPAs) and bad loans were presided over by civil courts, it took several years to deliver justice. 
  • Accordingly, the RDDBFI, or the Recovery of Debts due to the Banks and Financial Institutions Bill was enacted in India on 27 August 1993. 

Also Read: How to Prepare for UPSC in 6 Months?

Features of DRT

Here are a few features of the Debt Recovery Tribunals: 

  • The central government of India appoints a tribunal which consists of only a single person. This individual also acts as the Presiding Officer.
  • The Presiding Officer of DRT must fulfill the eligibility criteria to become a District Judge in order to become eligible. 
  • The Presiding Officer has a term of five years and is also suitable for reappointment post-termination.
  • The central government of India can provide the Presiding Officer with recovery officers who seem fit for the role.

Who is Eligible for DRT?

DRT only deals with the recovery of loans where either party is a bank or financial institution. 

Also Read: What is the Full Form of KCET?

What is the Limit of DRT Amount?

DRT or Debt Recovery Tribunals are empowered to preside over claims which are equal to or greater than ten lakh rupees. However, this limit was later raised to twenty lakh rupees in the year 2018.

TNT Full FormGST Full FormACS Full FormPSU Full Form
SO Full FormPHP Full FormATF Full FormTSP Full Form
MAT Full FormPPA Full FormEMC Full FormSRS Full Form
IBA Full FormNBFC Full FormREC Full FormITO Full Form
CBS Full FormTDS Full FormFDI Full FormIBPS Full Form

We hope this blog has helped you understand what is DRT full form and everything related to it. If you want to know more, find the 300+ full forms list on our blog. In the world of short forms, you can rely on the Leverage edu page to know about more full forms like this! Connect with us study abroad experts to achieve your international dream today!

Leave a Reply

Required fields are marked *