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About Wilful defaulter According to a Reserve Bank of India circular of July 1, 2014, and a subsequent amendment of January 7, 2015, a default — not meeting loan repayment obligations — is wilful when it fulfils one of the following four conditions:
Wilful defaulters can be individuals, juristic persons (groups of individuals, such as corporations, which are treated by law as though they are persons) and all forms of business enterprises. In case of business enterprises (other than companies), banks and financial institutions can report the names of those persons who are in charge, and are responsible for the management of the affairs of the business enterprise. How bank establish someone as willful defaulter:
According to bankers, an internal committee, typically headed by an executive director and consisting of two senior bank officials, scrutinises cases of deemed wilful defaults based on reports by the credit monitoring or recovery departments. This panel also looks into the efforts made by the bank to recover the dues, the repayment capacity of the borrower, and end use of the funds before identifying an individual as a wilful defaulter. Of late, banks have started conducting forensic audits on deemed defaulters through a third party before referring it to this committee. Once a borrower is identified as a wilful defaulter, a showcause notice is issued, and the borrower is generally given 15 days to reply. The internal committee order and the submission made by the borrower is reviewed by a so-called review committee, usually headed by the chairman and managing director, or by another executive director. If the review committee confirms the findings, the bank declares a borrower a wilful defaulter.
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