• Union Finance Ministry has doubled pecuniary limit to Rs. 20 lakh from Rs.10 lakh for filing loan recovery application in Debt Recovery Tribunals (DRT) by banks and financial institutions.
• It means that bank or financial institution or consortium of banks or financial institutions cannot approach DRTs if pecuniary limit amount due is less than Rs 20 lakh. This move is aimed at helping reduce pendency of cases in DRTs.

About Debt Recovery Tribunal: DRTs were first set up under Recovery of Debts Due to Banks and Financial Institutions Act 1993, also known as DRT Act.

• Under it, DRTs were established to facilitate debt recovery involving banks and other financial institutions with their customers.
• Under existing norms, DRT is supposed to dispose of matter referred to it within 180 days of receipt of application and appeal can be filed against DRT order with Debt Recovery Appellate Tribunals (DRATs).