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Borrowers Must Be Accorded Hearing Before Declaration Of Bank Account As Fraud: SC

Borrowers Must Be Accorded Hearing Before Declaration Of Bank Account As Fraud: SC
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Banks should give reasoned order before classifying borrower s account as fraudulent: SC

The Supreme Court on Monday held that a decision classifying the account of a borrower as fraudulent must be a reasoned order.

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Supreme Court Says Borrowers Must Be Accorded Hearing Before Declaring Bank Account As Fraud

A bench headed by Chief Justice D Y Chandrachud said a classification of accounts as fraud results in civil consequences for borrowers and hence, an opportunity of hearing must be given to such persons.

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Banks Must Give Opportunity Of Hearing To Borrowers Before Classifying Their Accounts As Fraud : Supreme Court

The decision to classify an account as fraud must be made by a reasoned order.

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SC ruling on loan defaulters a setback for banks, say experts

Borrowers have the right to be heard before banks classify their accounts as fraud, the Supreme Court ruled on March 27.

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