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CIC to RBI: Give names of big loan defaulters

NEW DELHI: The Central Information Commission (CIC) has directed the Reserve Bank of India (RBI) to disclose the list of big loan defaulters that the central financial institution had despatched to lenders for solution.

The CIC’s directive got here while selecting a plea by Lucknow-based activist Nutan Thakur, who had based her RTI software on some media studies that the RBI deputy governor Viral Acharya in a 2017 lecture had mentioned accounts of a few loan defaulters have been despatched to banks for solution.

“The IAC (interior advisory committee) has recommended that the RBI will have to to begin with focus on stressed out assets which can be huge, material and aged, in that they've eluded a viable solution plan in spite of being classified as NPAs (non-performing assets) for a vital period of time,” Acharya had mentioned.

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The RBI had accordingly directed banks to document insolvency packages against 12 huge accounts comprising about 25% of the total NPAs, he had mentioned.

“The RBI has now recommended the banks to unravel one of the most other accounts by December 2017, if the banks fail to put in place a viable solution plan inside the timelines, these instances also shall be referred for solution underneath the IBC (Insolvency and Bankruptcy Code),” the RBI deputy governor had mentioned.

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In her RTI software, Thakur wanted to understand from the RBI the list of loan defaulters that was once referred to within the lecture and the information of note sheets and correspondence relating to these accounts. The RBI had refused to give you the details to her by calling them “confidential data”, following which she approached the CIC.

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