RBI Circular: Many people take loans but do not repay them on time. The Reserve Bank of India has issued a circular for these people. It has been said in this circular that any borrower who deliberately does not repay the loan will be included in the defaulter list. The borrower will have 6 months to remove the name from the defaulter list.
RBI New Order: The Reserve Bank of India (RBI) has issued a circular. In this circular, the bank said that any lender who is deliberately not repaying the loan will be divided into a separate category. Apart from this the borrower can enter into an agreement with the bank. In this, he can also get rid of the tag from the bank.
In June 2023, RBI issued another circular. In this circular, the bank said that deliberate lump sum settlement will be allowed only after the approval of higher authority. There are many controversies regarding the circular issued by RBI.
Why did RBI bring this rule?
RBI issued circular for those who deliberately default on loans. The purpose of this circular was to include in a separate category all the borrowers who are deliberately not repaying the loan. In such a situation, there should not be any discrimination against the borrowers who repay the loan on time. Apart from this, the bank should follow a transparent process to take the loan.
How to remove name from the list
If a borrower is not repaying the loan on time, his name will be included in the defaulter list. To remove the name from this list, the borrower will have to enter into an agreement with the bank. Along with this, the borrower will also have to pay the agreement amount. If a borrower is not paying the loan intentionally, the bank can also take strict action against him.
After being included in the defaulter list, the borrower will have 6 months time to remove his name from the defaulter list. If he does not do this then the bank can take strict action against him.
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