Wilful Defaults Surpass $21 billion mark in India for the Year 2018-19

Highlights:

  1. The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19
  2. The data from Reserve Bank of India represents gross loans and advances in state-run banks was calculated around INR 638.2 billion, as of March 31, 2019
  3. The government undertaking banks have filed 1,475 police complaints against wilful defaulters in the previous 3 financial years

According to Indian law, wilful defaulters are known as companies or individuals that own large businesses and intentionally skip repayments.

The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19, while State Bank of India is accounted to have nearly one third of worth of loan lent.

The State Bank of India holds the highest number of wilful defaults, worth around INR 461.58 billion, while Punjab National Bank ranked second at INR 250.9  billion and Bank of India at INR 98.9 billion. 

The data from Reserve Bank of India represents gross loans and advances in state-run banks was calculated around INR 638.2 billion, as of March 31, 2019.

The government has been taking strong measures to strengthen the norms against wilful defaulters especially after Indian aviation moghul Vijay Mallya, fugitive jeweller tycoon Nirav Modi deliberately moved out of country after defaults in repayment.

Banks and financial institutions do not sanction any additional facilities to the wilful defaulters and are forbidden from establishing ventures for 5 years.

Bankers can also issue look-out notices in order to prevent suspected wilful defaulters from leaving the country

The government undertaking banks have filed 1,475 police complaints against wilful defaulters in the previous 3 financial years.

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  1. Wilful defaults in India cross $21 billion in 2018-19
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