After the country s largest bank, the State Bank of India, another state-run lender, UCO Bank, has come out with a circular asking its branch officials to visit and distribute sweet packets to the top 10 non-performing borrowers. In comparison, in 2018, the Punjab National Bank had the passports of 150 willful defaulters impounded.
Business News: UCO Bank, a public-sector bank based in Kolkata, has taken a unique approach to dealing with defaulters. Instead of shaming them, the bank has asked i
Prayagraj: Usually, on growing old, it is the wish of that person to pay off all debts so that the soul leaves the body, without the burden of worldly.
Given that there are enough processes to identify wilful defaulters, the need for a specific process to identify wilful default seems superfluous, but perhaps an acquiescence to the principles of natural justice
Business News: The Reserve Bank of India (RBI) has issued a draft master direction on the treatment of wilful defaulters, allowing borrowers to remove the tag by rea