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Tag: defaulters

I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

I-T department to share details of assets, accounts of loan defaulters with banks: CBDT

Finance
Income tax authorities will share details of assets of borrowers and their guarantors with public sector banks in case of loan defaults. The move is aimed at preventing promoters from siphoning off assets that are not disclosed to banks and comes close on the heels of the income tax department and goods and services tax authorities deciding to share details about taxpayers and defaulters with each other. Decision to share details to banks comes in the backdrop of borrowers not disclosing complete assets to lenders to safeguard them being party of any recovery proceedings But, banks will also have to do their bit for the department. Banks will need to furnish no objection certificate from jurisdictional Commissioner of the loan defaulter before appropriation of the surplus amount recovered ...
Banks recover Rs 40,400 crore from defaulters: RBI report

Banks recover Rs 40,400 crore from defaulters: RBI report

Finance
MUMBAI: Banks have seen a significant improvement in recovery of stressed assets helped by the Insolvency and Bankruptcy Code (IBC) and amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, during FY18, according to the RBI data. In the fiscal ended March 2018, banks recovered Rs 40,400 crore worth of bad loans as against Rs 38,500 crore recovered in FY17. The various channels through which lenders recovered their bad loans include the Insolvency and Bankruptcy Code (IBC), SARFAESI Act, debt recovery tribunals (DRTs) and Lok Adalats. While banks recovered Rs 4,900 crore of bad loans through the IBC, the amount recovered through SARFAESI was Rs 26,500 crore in FY18, the RBI said in its annual report on Trends and Progre...
RBI refuses to give info on NPAs, loan defaulters to SEBI

RBI refuses to give info on NPAs, loan defaulters to SEBI

Finance
MUMBAI: The Reserve Bank of India (RBI) has declined to pass on information about non-performing assets (NPAs) and loan defaulters that the Securities and Exchange Board of India (Sebi) has asked for in the past year, according to two people with knowledge of the development. The banking regulator’s reluctance to do so stems from the prospect of the data leaking as it becomes known to a wider set of people, hurting the business prospects of the companies involved, they said. Sebi has sent at least two official requests to RBI seeking such details as evidence for ongoing investigations in the past year. These include a disclosure lapse by a highly indebted company, a corporate governance violation at a leading private bank and a frontrunning case in another private bank. The developm...