NEWS & ADVICE : PERSONAL LOAN
Banks to make the names of defaulters publically available
By Vaibhav Aggarwal
Aug 21, 2012
Print    Email    RSS   
Increasing load of nonperforming assets and higher defaults on payments has resulted in banks making a public disclosure of people who have taken loans from the bank but have default on payment.

Responding positively to ministry of corporate affairs (MCA) suggestions, the Indian Banks' Association (IBA) stated the banks were willing to make public disclosure of such borrowers.

The move would make an improvement in the current scenario where disclosures on defaulters can only be made public by implementing legal provisions. MCA further stated that availability of credit information of companies would enable the investors to judge the quality of the investment in a better manner.

MCA recently made the names of companies and their directors on its website. Banking regulator also maintains records of such companies as bad, nonperforming asset and defaulting companies. Such information is also maintained by credit information companies like CIBIL; but they only share information with banks and FIs and do not publish them for public domain.

A senior official with a PSB stated that though many of the cases of default on payments are genuine, but some business owners take advantage of the negative business environement and default despite having capacity to pay back. Also due to the economic scenario, the slippages have gone up.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
How to decide on a loan for business?
Central Bank of India ordered to return...
Is the Base Rate system really transparent?
Managing and emerging out of institutional...
Pay income tax through ATM


MY NAME IS RAVINDER KUMAR, DOB 23-12-1965,MY PAN...
i need my personal track statement sagar kupekar
Please send my full loan account numnber
i need my personal loan track statement
personal loan status of agreement number...
SIR/MADAM MY SELF PRIYA SHARMA PAN CARD FFTPS3791P...

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive