Banks will also publish name and photograph of
the guarantors if dues are not cleared within 15 days from the date of
publishing the name, address and photograph of original borrower. A notice will
also sent to the borrower warns to pay the dues or guarantor details will also
publish soon in the newspaper.
Banks also thinking of permanent
publishing the details of willful defaulters in the banks of their locality.
SBI started this move and
recently publish 5 photograph and details of the borrower in the capital.
The newspaper will be
local circulating areas of defaulters where they reside.
Generally willful defaulters
are those people having a good net worth and adequate cash flow but
deliberately they are engaged in non-payment of dues.
Banks are also taken steps
to search the willful defaulters who utilize the loans in other purpose other
than for loan taken, misguide the banks with false statement or records, fraud
activity and dispose of security without any information to banks.
RBI has also adopted a
tracking system with which the loans or other credit will not be entertained to
the defaulters.
Banks think that
photograph, name and address will work in the case of willful defaulters as if
one has capacity to pay the dues, who will be the victim of shame in the
society.
Banks are also giving
warning to the defaulters to pay the dues or ready for the photograph in the
newspaper.
RBI also suggests the CIBIL
(Credit information bureau India limited) to public the photograph of
defaulters who has the outstanding of Rs. 25 lakh or more.
