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The Reserve Bank of India (RBI) is considering making in-person hearings with borrowers mandatory for lenders dealing with potential wilful defaulters, in an effort to increase chances of recovery at an early stage.
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.
Given that there are enough processes to identify wilful defaulters, the need for a specific process to identify wilful default seems superfluous, but perhaps an acquiescence to the principles of natural justice