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IDBI Bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal; IDBI Bank Q3 Net Profit Jumps 57% to Rs 1,458 Crore
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.
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.
The RBI has asked lenders to put in place board-approved policies for undertaking compromise settlements with the borrowers as well as for technical write-offs. The rules formalised by the board will also specify proposals for compromise settlements in respect of debtors classified as fraud or wilful defaulter.