Debt recovery tribunal act to be amended
New Delhi: The cabinet has cleared the promulgation of an ordinance amending the Debt Recovery Tribunal Act to simplify the process of claims by banks and financial institutions. The amendment will provide for summary attachment of the property of defaulters at the time of filing of complaint, speedier loan recovery, provisions for counter-claims by borrowers, easy transferability of cases from one debt recovery tribunal to another, and empowering the processing officer to execute the decree of the official receiver based on a certificate from the tribunal.
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RBI drafting bill to discipline govt spending
Mumbai: The Reserve Bank of India is preparing a Fiscal Responsibility Act for the government to discipline its finances and avoid getting into a debt trap. The central bank is drafting a bill to be presented in Parliament during the budget session, which will seek to put a cap on government guarantees and public debt.

The RBI says the government is spending as much as 49 per cent of its revenues on debt servicing. The bill envisages provisions by which the government will be accountable to Parliament for its fiscal balances.
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Grindlays launch global card
Mumbai: ANZ Grindlays Bank has launched its Visa global card with ATM facilities at over 5.4 lakh machines worldwide and acceptability at over 17 million outlets. 

Anuroop “Tony” Singh, country head (India) of ANZ Grindlays Bank, said the bank’s global card is part of its commitment to be a dominant provider of integrated personal financial services. He said the credit card business will be one of the focus areas of the bank
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