Banks To 'Name And Shame' Guarantors For Loan Defaulters - Siliconindia.com

Processing .....please wait..     The article has been forwarded....      Some error occured      !! Forward this news to your friends & colleague Banks can also classify the defaulters as 'wilful' if the loans are utilised for purposes other than those previously stated, funds are siphoned off from the bank-financed activity, records are falsified, securities are disposed off without bank's knowledge and the borrower indulges in fraudulent transactions. RBI has already put in place a system to disseminate credit information pertaining to wilful defaulters for cautioning banks and financial institutions, so that any further bank finance is not made available to such borrowers. Credit Information Bureau India Ltd (CIBIL) also publishes a list of wilful defaulters involving defaults of 25 lakh and above. As per CIBIL database, there were a total of 123 suit- filed accounts of wilful defaulters, involving loan value of 2,993.22 crore, as on December 31, 2012. Out of these, Tamil Nadu accounted for the maximum 25 such accounts, followed by 23 in Maharashtra, 16 in Kerala, 14 in Uttar Pradesh and 11 in Gujarat. In terms of loan value, UP was on the top (990 crore), followed by Madhya Pradesh, Maharashtra, Tamil Nadu and Haryana. CIBIL has also listed 516 cases of suit-filed accounts of 1 crore and above as on December 31, 2012 and these cases together accounted for total loan value of about 5,563 crore. Also Read: India's Eternal Love for Yellow Metal over the Last 10 Years How to Repay and Save On Home Loans? Source: PTI via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHq5IUjOlFmS8uaYR85pSsoxMim0A&url=http://www.siliconindia.com/finance/news/Banks-To-Name-And-Shame-Guarantors-For-Loan-Defaulters-nid-150266.html

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