The Recovery of Debts Due To Banks and Financial Institutions Act,1993
Section 1. Short title, extent, commencement and application
(51 of 1993) 1
[27th August 1993]
An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions and for matters connected therewith or incidental thereto.
Be it enacted by Parliament in Forty-fourth Year of the Republic of India as follows:
——————–
1. Assented to by the President on 27th August,1993, published in the Gazette of India, Extraordinary, Pt. II, Sec. I dated 27th August,1993.
(1) This Act may be called the Recovery of Debts Due to Banks and Financial Institutions Act,1993.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall be deemed to have come into force on the 24th day of June,1993.
(4) The provisions of this Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
The Recovery of Debts Due To Banks and Financial Institutions Act,1993
