The Reserve Bank of India (RBI) is likely to come up with a new set of rules governing the declaration of fraudulent accounts, having baked in observations of the Supreme Court that asked lenders to hear out the views of delinquent borrowers being labelled ‘fraud’.
The norms will largely be in line with the central bank’s notification on wilful defaulters. Those norms provide for a personal hearing before an account/borrower is called a wilful defaulter, people familiar with the matter said.
Source:
Economic Times
