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Showing posts from March, 2016

Guest Post: Who Is A Wilful Defaulter? Here's All That You Need To Know

The Reserve Bank of India (RBI) has defined the term ‘wilful defaulter’ as one who has not utilised bank funds towards the purpose for which they were taken, and who, despite having adequate liquidity, has failed to repay his personal loans. This definition has paved the way for banks to acquire the assets of companies that default, through the Securitisation Ordinance, and thereby reduce the companies’ non-performing assets (NPA) quickly.