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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.
By allowing wilful defaulters and fraudsters to settle loans under compromise, the RBI is effectively condoning their actions, placing the burden of their misdeeds on the shoulders of ordinary citizens.
The RBI, in its 'Prudential Framework for Resolution of Stressed Assets' (June 7, 2019), made clear that the borrowers who committed frauds/ malfeasance/ wilful default will remain ineligible for restructuring.
business bureauall india bank officers’ confederation (aiboc) and all india bank employees association (aibea), representing the collective voice of more than 6 lakh bank employees, vehemently criticised the recent move by the rese
Bank unions AIBOC and AIBEA have opposed the Reserve Bank's move to allow lenders to settle loans of wilful defaulters under compromise settlement.