Question
Consider the following statements regarding the
stringent norms imposed by RBI with respect to defaulters- I.The Reserve Bank of India (RBI) has notified that lenders would have to examine all aspects relating to wilful default on accounts and identify wilful defaulters within six months of a loan becoming a non-performing asset (NPA). II. A wilful defaulter is a borrower or a guarantor who has defaulted without being constrained to do so and the outstanding amount is Rs 50 lakh and above. III.A large defaulter is one whose amount in default is Rs 1 crore and above. Which of the following statements is/are correct in the above information?Solution
The Reserve Bank of India (RBI) has notified that lenders would have to examine all aspects relating to wilful default on accounts with outstanding dues of Rs 25 lakh or more and identify wilful defaulters within six months of a loan becoming a non-performing asset (NPA). It has allowed non-banking finance companies and cooperative banks to identify them. A wilful defaulter is a borrower or a guarantor who has defaulted without being constrained to do and the outstanding amount is Rs 25 lakh and above. A large defaulter is one whose amount in default is Rs 1 crore and above. For calculating the cut-off point of Rs 1 crore, the unapplied interest, if any, should be included. For an account that is on the list of wilful defaulters and has been resolved either through the Insolvency and Bankruptcy Code or the RBI’s norms, resulting in a change in management and control of the entity or business enterprise, the name of such a defaulter should be removed from the list.
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