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Why banks need to be judicious in their actions when dealing with wilful defaulters

Many laws governing the banking industry have also evolved to accommodate rapid changes that are driving innovation at breakneck speed. However, some attitudes among bankers and regulators have lagged behind, and don t reflect the digital age. One such laggard is the wilful defaulter label. This classification is unique to India among all big economies, and it defies logic in the era of data analytics and AI. A wilful defaulter is a borrower with enough money but isn t repaying banks. The dubious category also includes those that siphoned funds and left businesses high and dry. ....

Milind Patel , Union Bank , Bombay High Court , Sarfaesi Act , Central Repository , Large Credits , Bombay High , Indian Penal Code , Wilful Defaulter , Funds Recovery , Banking Sector , Financial Institutions , Indian Banking , Insolvency Law ,

Lenders seek anonymity for officers tagging wilful defaulter accounts

Lenders seek RBI guidance on protecting officers identities identifying defaulters. Recent court order mandates disclosing committee members. Indian Banks Association seeks advice too. Risks highlighted for officers personally named. ....

Milind Patel , Sanjay Agarwal , High Court , Indian Banks Association , Union Bank , Reserve Bank , Union Bank Of India , Wilful Defaulter , Reserve Bank Of India ,

Gaurav Poddar vs Uco Bank And Ors on 28 March, 2024

Gaurav Poddar vs Uco Bank And Ors on 28 March, 2024
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