RBI may implement wilful defaulter norms prospectively: OBC

Written By Unknown on Rabu, 10 September 2014 | 10.56

As per new rules, guarantors, who refuse to fulfil their obligations to banks despite having adequate resources, will also be treated as wilful defaulters.

The Reserve Bank of India's new guidelines on wilful defaulters will make bankers cautious and bring more credit discipline in market, says SL Bansal, chairman and managing director, OBC. As per new rules , guarantors, who refuse to fulfil their obligations to banks despite having adequate resources, will also be treated as wilful defaulters.

In a circular, the central bank said that cases where guarantees furnished by the companies within the Group on behalf of the willfully defaulting units are not honoured when invoked by the banks and financial institutions, such Group companies should also be reckoned as wilful defaulters.

Bansal expects these guidelines to be implemented prospectively.

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