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Banks will publish name and photo of defaulters in newspaper
Friday, 15 March 2013
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Banks are ready to adopt name and shame policy to the borrowers who do not pay the due loans to the banks. Banks have decided to public the names as well as the photos of the defaulters in the newspapers. The main object is the defaulters who are willful means who can pay the dues but they don’t. SBI coming from front to take the big role in this object and will be the first bank doing so.
Banks will also publish name and photograph of the guarantors if dues are not cleared within 15 days from the date of publishing the name, address and photograph of original borrower. A notice will also sent to the borrower warns to pay the dues or guarantor details will also publish soon in the newspaper.
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Banks also thinking of permanent publishing the details of willful defaulters in the banks of their locality.
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SBI started this move and recently publish 5 photograph and details of the borrower in the capital. The newspaper will be local circulating areas of defaulters where they reside.
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Generally willful defaulters are those people having a good net worth and adequate cash flow but deliberately they are engaged in non-payment of dues.
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Banks are also taken steps to search the willful defaulters who utilize the loans in other purpose other than for loan taken, misguide the banks with false statement or records, fraud activity and dispose of security without any information to banks.
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RBI has also adopted a tracking system with which the loans or other credit will not be entertained to the defaulters.
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Banks think that photograph, name and address will work in the case of willful defaulters as if one has capacity to pay the dues, who will be the victim of shame in the society. Banks are also giving warning to the defaulters to pay the dues or ready for the photograph in the newspaper.
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RBI also suggests the CIBIL (Credit information bureau India limited) to public the photograph of defaulters who has the outstanding of Rs. 25 lakh or more.
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Curtesy : TaxAlert