Sunday, August 14

Tag: TransUnion CIBIL

Academia

Suit Filed Cases & Wilful Defaulters Explained

Reserve Bank of India(RBI) has entrusted TransUnion CIBIL to perform the role of collecting and circulating information on suit-filed accounts & list of defaulters. RBI has also directed banks, FIs & State Financial Corporations to submit a list of all the Suit Filed Accounts to TransUnion CIBIL as well as RBI. Summary: Suit Filed cases are petition or complaint, made by banks or notified financial institutions or state financial corporations, to a court that initiates a lawsuit Suit Filed cases are cases on companies who are wilful defaulters, and Reserve Bank of India (RBI) has classified “wilful” and “non-wilful” defaulters. It is categorized by RBI for those who deliberately use the banking system to not pay back dues from those who are genuinely fallen on debt trap ...