RBI denies banks extra time to label dodgy borrowers as willful defaulters

RBI has shortened the timeframe for classifying wilful defaulters. Banks now have six months to complete the process. This decision aims to prevent asset value decline. The process involves internal committees and hearings with borrowers. Borrowers deliberately delaying proceedings prompted the RBI’s action. This move protects lenders and maintains financial stability. RBI has shortened the timeframe for classifying wilful defaulters. Banks now have six months to complete the process. This decision aims to prevent asset value decline. The process involves internal committees and hearings with borrowers. Borrowers deliberately delaying proceedings prompted the RBI’s action. This move protects lenders and maintains financial stability.  Economic Times