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On June 8, 2023, the RBI said in a circular that banks can undertake compromise settlements or technical write-offs in respect of accounts categorised as wilful defaulters or fraud without prejudice to the criminal proceeding underway against such debtors.
The amount stuck in the wilful default category has jumped by 41 per cent, or over Rs one lakh crore in the last two years from Rs 245,767 crore in December 2020, according to data compiled by Transunion Cibil, a credit information company registered with the RBI.