A Wilful Defaulter is a borrower who has no intention to repay the loan despite the capacity to do so. The RBI's Master Circular defines how the banks should categorise wilful defaulters and also mandated the process that the banks need to comply with. This webinar covers some important terms of the RBI Master Circular 2015 and the process regulated by RBI to categorise a borrower as a wilful defaulter and other important aspects. The speaker explains the siphoning and diversion of funds by a borrower in detail by discussing the relevant provisions from the Master Circular. An increase in the trend of wilful defaulters is a grave threat to the financial stability of the country. While due to the lockdown many are struggling genuinely to repay they are loans, the wilful defaulters purposely choose not to repay the borrowings to the banks. Watch this webinar on willful defaulters to get a practical exposure to the consequences of being declared a wilful defaulter, position of the guarantor, early detection, the public image of the wilful defaulter and important judicial pronouncements.

Disclaimer

The information provided in the video is for informational purposes only and are not intended to serve as a substitute for consultation with a lawyer. Specific legal issues, concerns and conditions always require the advice of appropriate legal professionals. Every effort has been made to avoid errors in this video. Any mistake, error or discrepancy noted by the netizens may be brought to the notice of the team along with evidence of it being incorrect.

00:00 Background and highlights
04:08 Key terms under the RBI master circular
09:57 Events constituting a wilful default & Mechanism to declare a wilful defaulter
18:14 Position of the guarantor
19:26 Consequences of being declared as a wilful defaulter
24:02 Non-Cooperative Borrowers under RBI
28:52 RBI directions on frauds
32:42 Early warning signs, early detection & reporting
40:27 Central fraud registry and judgements under the fraud circulars
46:08 Wilful Defaulters Vs. Fraud
48:55 Publishing of photographs of wilful defaulters
53:06 Important Judicial Pronouncements and safeguards for dealing with wilful defaulters
1:05:01 Q&A

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