RBI Issues Master Direction on Treatment of ‘Wilful Defaulters and Large Defaulters’
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Master Direction No. RBI/DoR/2024-25/122 DoR.FIN.REC.No. 31/20.16.003/2024-25; Dated: 30.07.2024
RBI has issued Master Direction on the treatment of wilful defaulters and large defaulters. The primary objective of these directions is to provide a non-discriminatory and transparent procedure w.r.t principles of natural justice for classifying a borrower as a wilful defaulter by the lenders. These directions cover the mechanism for identifying and classifying wilful defaulters, reviewing accounts for identification of wilful default, and penal and other measures against wilful defaulters.
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