Banks can now name and shame over 9,000 wilful defaulters in newspapers

The newly-elected government under Narendra Modi has taken the first step towards punishing wilful defaulters, a problem that has been plaguing the banking industry for the past several years and has put the economy under stress. The Department of Financial Services (DFS) has asked public sector banks to advertise the names and pictures of the over 9,000 wilful defaulters with unpaid dues of over Rs 1 lakh crore, a source said. The move of "naming and shaming" the wilful defaulters is expected to act as a deterrent to borrowers who do not repay and default the system. The banking sector is saddled with non-performing assets (unpaid loans) worth Rs 12 lakh crore as of March 2019. The Reserve Bank of India (RBI) had in April told banks to put the names in public domain but this was not made mandatory. Now with the Department of Financial Services insisting on naming and shaming the wilful defaulters, banks have to publicise the names of borrowers who have deliberately not repaid their loans.

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