Govt looks to tweak SARFAESI, DRT laws

New Delhi: To speed up the debt recovery process, the Finance Ministry has set up a panel to suggest amendments to the SARFAESI and DRT Acts, including a provision for granting legal sanctity to e-notices to debtors, sources said. The committee headed by an Additional Secretary held several meetings, and discussions are in the advanced stage in this regard, sources said. Last month, the Finance Ministry held extensive deliberations with the top brass of banks and Debt Recovery Tribunals (DRTs) to enhance the efficacy of DRTs for expeditious recovery of debts.