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The pleas claimed that based on the circular, no opportunity of being heard was given to borrowers before classifying their accounts as fraud accounts.
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank will 'shortly' come out with revised guidelines on fraudulent account classification to take into account the recent apex court order that asked lenders to ensure natural justice to a defaulter before labelling him a fraudster. Latest News | SC Order on Banking Fraud: RBI to Shortly Issue New Guidelines.
On March 27, 2023, the Supreme Court of India in the case of State Bank of India v. Rajesh Agarwal, has held that the principles of natural justice, particularly the rule of audi alteram partem,... | June 7, 2023
Says Never Said Banks Could Hold 'Personal Hearing' Before Classifying Borrower's Account As Fraud New Delhi: The Supreme Court on Friday clarified its March 27 verdict, saying it had not directed banks to accord a
The apex court clarified that an oral or personal hearing was not necessary in every case.