57 borrowers owe banks ₹85,000 cr, RBI tells apex court

Press Trust of India
October 24, 2016

New Delhi, October 24:

Only 57 borrowers have defaulted on bank loans worth ₹85,000 crore. The Supreme Court said this after perusing a report submitted by the RBI about persons who have taken loan worth over ₹500 crore and defaulted and asked the central bank why their names should not be made public.

“Who are these people who have borrowed money and are not paying back? Why this fact that the person has borrowed money and not paying back be not known to public,” asked a Bench headed Chief Justice TS Thakur.

The Bench, also comprising Justices DY Chandrachud and L Nageswara Rao, said if the bar was lowered below ₹500 crore, then the default amount would cross over ₹1 lakh crore. Observing that if people file an RTI query, they must know who the defaulters are, it asked the Reserve Bank of India why the information on defaulters should be withheld.


Author: kattashekar

Editor, Namasthe Telangana Daily, Hyderabad