Vikrant Shekhawat : Jul 31, 2024, 09:00 AM
Reserve Bank Of India: Are you also a bank loan defaulter? Then this news is for you only. Reserve Bank of India i.e. RBI has prepared a master plan for loan defaulters. For this, RBI has also issued guidelines to all banks and NBFCs. RBI has clearly said that if any willful defaulter is found in the investigation, strict action will be taken against him. RBI has issued statements several times regarding willful defaulters and has also issued instructions to banks, this time RBI has decided to take strict action against willful defaulters.RBI has issued a directive on Tuesday to deal with willful defaulters and big defaulters. Under this, banks and non-banking finance companies i.e. NBFCs will have to investigate willful defaulters in all non-performing assets i.e. NPA accounts with outstanding amount of Rs 25 lakh and above. Let us also tell you what kind of instruction has been issued by RBI.Who is a willful defaulter?Banks will identify a person and categorize him as a willful defaulter by following a specific procedure. According to the directive, an identification committee will investigate the evidence of willful default. Willful defaulter means a borrower or guarantor who has deliberately not repaid the loan and his outstanding amount is more than Rs 25 lakh.If found willful defaulterRBI said that banks will periodically check for willful defaulters in all NPA accounts with outstanding amount of Rs 25 lakh and above. If any willful default is revealed in the internal initial investigation, the lender will complete the process of classifying the borrower as a willful defaulter within six months of the account being classified as NPA. The RBI directive further states that lenders should prepare a non-discriminatory board-approved policy in this regard.