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RBI declares compromise settlement with wilful defaulters not new despite union protest

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The RBI confirms that compromise settlements with wilful defaulters have been in place for over 15 years. Critics, including bank unions, have raised concerns. The RBI clarifies that penal measures remain unchanged and compromise settlements must be approved by management committees. Reports of new loans after 12 months have been denied by the RBI. Critics argue that these settlements reward unethical behavior and discourage responsible borrowing.

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RBI declares compromise settlement with wilful defaulters not new despite union protest

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The RBI confirms that compromise settlements with wilful defaulters have been in place for over 15 years. Critics, including bank unions, have raised concerns. The RBI clarifies that penal measures remain unchanged and compromise settlements must be approved by management committees. Reports of new loans after 12 months have been denied by the RBI. Critics argue that these settlements reward unethical behavior and discourage responsible borrowing.

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