1 The new recovery law provided a mechanism for expeditious recovery of stuck up loans, e.g., the law provided a comprehensive procedure for the foreclosure and sale of mortgaged property, without the interventions of a court of law, and automatic transfer of all cases pending in any other courts to banking courts for their early resolution. 12.
The rest will have to be credit unions of some form or the other. (f)  Regional Rural Banks (RRBs) should be revamped so that ownership of Centre and State is also made optional. They could be brought under Companies Act and flexible ownership promoted through National Bank for Agriculture and Rural Development (NABARD).