RBI data exposes top 50 wilful defaulters owing banks Rs 92,570 crore
By MYBRANDBOOK
As per the data from the Reserve Bank of India (RBI), the top 50 wilful defaulters in India owed banks as much as Rs 92,570 crore as of March 2022. In which Gitanjali Gems, set up by Mehul Choksi, have emerged as the biggest such defaulter.
Recently, while citing the data from the Reserve Bank of India (RBI), minister of state for finance Bhagwat Karad told the Lok Sabha that Gitanjali Gems defaulted on loans of Rs 7,848 crore. It’s followed by Era Infra Engineering (Rs 5,879 crore), Rei Agro (Rs 4,803 crore), Concast Steel and Power (Rs 4,596 crore), ABG Shipyard (Rs 3,708 crore), Frost International (Rs 3,311 crore), Winsome Diamonds and Jewellery (Rs 2,931 crore), Rotomac Global (Rs 2,893 crore), Coastal Projects (Rs 2,311 crore) and Zoom Developers (Rs 2,147 crore).
Wilful defaulters are typically those borrowers who have the ability to repay the loans but are unwilling to do so.
Karad said authorities have initiated a raft of measures to “deter defaulters, to take effective action against them and to recover the default amount from them, including recovery from written off loans”. These defaulters don’t get fresh loans and they are not allowed to set up new ventures for five years, according to the RBI rules. Wilful defaulters and companies that have them on their boards are barred from accessing capital markets to raise money. The government has brought in a law to attach assets of fugitive economic offenders who flee India to escape the reach of law — including Nirav Modi, Mehul Choksi and Vijay Mallya — even without a conviction.
Separately, in a written reply in the Lok Sabha, finance minister Nirmala Sitharaman said loans worth Rs 10.1 trillion have been written off by banks in the last five financial years. Public-sector banks have recovered Rs 4.8 trillion, including Rs 1.03 trillion from written-off loans, in the past five years, she said.
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
WIPRO LTD.
TATA CONSULTANCY SERVICES
POLYCAB INDIA PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
Technology Icons Of India 2023: Shailender Kumar
Shailender Kumar is senior vice president and regional managing direct...
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
Technology Icons Of India 2023: Nikhil Rathi
Nikhil Rathi, Co-founder & CEO of Web Werks, a global leader in Data C...
EESL encouraging e-mobility adoption across India
Energy Efficiency Services Limited (EESL) is a Super Energy Service Co...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...