The central government is considering barring some wilful loan defaulters from leaving the country, as reported in media on Thursday. According to sources, list of people who have defaulted on the bank loans and are wilful defaulters has been prepared by the banks.
The finance ministry had recently directed state-owned banks to obtain passport details of all borrowers, who have taken big loans above Rs 50 crore within 45 days in order to prevent repeat of instances of defaulters fleeing the country.
By this bold step of ministry, one thing is for sure that wiflul defaulters of Rajasthan will also be on the radar. According to Credit Information Bureau (India) Ltd, or CIBIL, there are 256 wilful defaulters in Rajasthan who owe Rs777.82 crores to various banks. CIBIL maintains data on such cases in two categories, one is Rs25 Lakh and above and the other is Rs 1 crore and above. Various banks have filed lawsuits against 256 borrowers of state who have defaulted on loan repayments worth Rs777.82 crore by the end of December 2017, in the above mentioned two categories.
In the category of amount Rs 1 crore and above, Bank of Baroda tops the list with 21 cases against defaulters for recovery of Rs 137.92 crore as of December 2017. In the category of Rs 25 Lakh and above, Bank of Maharashtra has filed suits against 32 borrowers for recovery of Rs37.61 crore. UN Automobiles is the biggest wilful defaulter in state owing Rs 44.81 crore to Bank of Baroda.
CIBIL publishes details of accounts which owe more than Rs 25 lakhs to banks and are facing lawsuits. The figure would increase sharply if defaults below Rs 1 crore are also taken into account. However, neither the RBI nor credit information companies disclose details of the full list of defaulters which include the biggies in the corporate sector.
Who is a wilful defaulter?
The Reserve Bank of India defines a “wilful default” under these circumstances:
The unit has defaulted in meeting its payment / repayment obligations to the lender even when it has the capacity to honour the said obligations. The unit has defaulted in meeting its payment / repayment obligations to the lender and has not utilised the finance from the lender for the specific purposes for which finance was availed of but has diverted the funds for other purposes. The unit has defaulted in meeting its payment / repayment obligations to the lender and has siphoned off the funds so that the funds have not been utilised for the specific purpose for which finance was availed of, nor are the funds available with the unit in the form of other assets.
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