RBI's new norms on wilful defaulters to come into effect from Nov 1

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RBI's new norms on wilful defaulters to come into effect from Nov 1 - Business Standard

Quick Summary:

The identification of the wilful default should be made keeping in view the track record of the borrowers and should not be decided on the basis of isolated transactions/incidents.

If the panel is satisfied about the event of wilful default, it should issue a show-cause notice to the borrower/guarantor/promoter/director/persons responsible for the management of the affairs of the entity.

The master direction on wilful defaulters issued by the regulator on Tuesday outlined the measures and consequences for those borrowers who deliberately default on their financial obligations.