The Finance Minister has called for a meeting of heads of banks and Financial Institutions early next week to make an assessment and review of the functioning of debt recovery truibunals (DRTs) and to take into account the stock of recovery under the one-time settlement scheme. The meet will also discuss measures to quicken up the pace of the recovery of non-performing assets (NPAs) of banks and financial institutions.

The Finance Ministry sources has confirmed that the government has decided to set up seven more DRTs by September this year thereby raising the number to 29. The meet has assumed much importance as the one-time settlement scheme prepared by the Reserve Bank of India at the request of the Finance Minister has proved to be a flop show with banks and FIs revealing poor recovery. The said scheme is set to close on June 30.

Meanwhile the banking sources have disclosed that the banks staff selection committee has agreed to recruit people for DRTs and the same will lead to sorting out the problem of recovery through this route.