Congress on Wednesday slammed the Centre after the Reserve Bank of India (RBI) brought in a policy that allows banks and finance companies to settle loans of accounts classified as "wilful defaulters" by entering into compromise settlements or technically writing off the loans, and asked why it has changed its own rules with regards to frauds.
Criticising the move by Reserve Bank of India (RBI) to allow banks and lenders to settle loans of wilful defaulters under compromise settlement, the All India Bank Officers Confederation (AIBOC) and All India Bank Employees Association (AIBEA) call it a detrimental step that may compromise the integrity of the banking system and undermine the efforts to combat wilful defaulters effectively. AIBOC and AIBEA have urged RBI to review and withdraw its decision and instead focus on implementing robust measures to hold wilful defaulters accountable for their actions.
MUMBAI (Reuters) - Two of India s largest bank employee unions on Tuesday urged the central bank to review and withdraw its recent decision to allow compromise settlements for wilful defaulters saying that such a move would hurt the integrity of the banking system.
Last week, the Reserve Bank of India (RBI) released a framework for lenders governing technical write-offs and compromise settlements, including those classified as fraud or wilful defaulters, , rbi, Banks union, wilful defaulters
AIBOC & AIBEA oppose RBI s decision to allow compromise settlement for Wilful Defaulters dailyexcelsior.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexcelsior.com Daily Mail and Mail on Sunday newspapers.