The new proposal
The RBI has proposed that loans extended to wilful defaulters be restructured if the latter is willing to “rectify the wilful default”. Banks may review the reasons for classification of the borrowers as wilful defaulters — specially in old cases where classification was not transparent — and satisfy itself that the borrower is in a position to rectify wilful default. However, borrowers indulging in frauds and malfeasance will continue to remain ineligible for restructuring
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