Finance Ministry seeks list of wilful bank loan defaulters by month-end

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loanThe Finance Ministry has asked all public sector banks to submit a comprehensive data on wilful loan defaults by the end of this month.

“We have asked banks to provide list of wilful defaulters,” Secretary Department of Financial Services Hasmukh Adhia said.

According to the current definition, a wilful defaulter is somebody who has essentially not used the fund for the purpose it has been borrowed or when he has not repaid when he can do so; when he has siphoned off the funds or when he disposed of the assets pledged for availing of loan without the bank’s knowledge.

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