Speading A Red Carpet For NPAs? RBI Should Step Up Vigilance
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Source: countercurrents.org
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Post Supreme Court ruling, banks turn wary of declaring accounts as 'wilful default'
Indian banks have refrained from declaring overdue loan accounts as fraud as the Supreme Courts decisions make it obligatory for lenders to provide borrowers an opportunity to represent themselves before naming accounts as fraud. The lenders have made provisions instead of declaring accounts as wilful defaults. The RBI has sought comments from banks on legal and operational issues on the common detection mechanism of wilful defaulters.
Source: indiatimes.com
Top 50 wilful defaulters, including Mehul Choksi's Gitanjali Gems, owe Rs 87,295 crore to banks: Finance Ministry
These wilful defaulters include fugitive Mehul Choksi’s Gitanjali Gems Limited, Rishi Agarwal’s ABG Shipyard Limited, REI Agro Limited, and Era Infra Engineering Limited.
Source: businesstoday.in
Banks tread with caution on fraud case settlements
Bankers are wary of their decisions being questioned by vigilance and investigation agencies later, and want some assurance from the regulator before implementation of the circular. Lenders have held discussions with all stakeholders, including the government, soon after the circular was published, and want additional clarity before provisions are implemented.
Source: indiatimes.com