Mumbai, Jun 28 (KNN) The Reserve Bank of India (RBI) has asked the banks to give data about wilful defaulters of Rs 25 lakh and above for the quarter ended December 31, 2014, and of Rs 1 crore and above for the half year ended December 31, 2014, to credit information firms from the beginning of 2015.
“Banks/FIs may continue to furnish the data on wilful defaulters (non-suit filed accounts) of Rs. 25 lakhs and above for the quarter ending June 30, 2014 and September 30, 2014 to RBI. Similarly, in respect of defaulters (non-suit filed accounts) of Rs. 1 crore and above, they may continue to submit the data to RBI for the half year ending September 30, 2014 in the existing format,” RBI has said in a notification.
After this, banks can continue to furnish data with regard to wilful defaulters to credit information firms on a monthly or a more frequently basis, RBI said.
This will allow banks to have data on wilful defaulters on a real-time basis.
This has been based on the report submitted by the committee formed by RBI, headed by HDFC Bank MD Aditya Puri, to recommend the data format for furnishing of credit information to credit information companies.
6 Biggest Loan Defaulters in India
BANGALORE: ‘Kick out the bad loans before they kill the banks.’ This is the tag line of AIBEA‘s compaign against bad loans. All India Bank Employees Association (AIBEA) which is the oldest and largest trade union of bank employees in India. AIBEA released the list of bad loan accounts. The objective was to stop the corporate from looting public money, as the primary concern. The list revealed that the top 50 loan defaulters owe an astounding amount of 
40, 000 crores.
40, 000 crores.
Here is the list of top ten loan defaulters mentioned by AIBEA:
1. Winsome Diamond & Jewellery
The company has legacy of diamond business of more than four decades is in a debt of2660 crore.
Public sector lenders, including Punjab National Bank (PNB) and Central Bank, sent legal notice to Winsome Diamond & Jewellery to recover loans in November 2013. Prior to that in March 2013 Winsome Diamond’s foreign clients failed to pay their due amounts
The company has legacy of diamond business of more than four decades is in a debt of
2660 crore. Public sector lenders, including Punjab National Bank (PNB) and Central Bank, sent legal notice to Winsome Diamond & Jewellery to recover loans in November 2013. Prior to that in March 2013 Winsome Diamond’s foreign clients failed to pay their due amounts
2. Kingfisher Airlines
Kingfisher Airlines is in the top list of loan defaulters, owing a sum of 2, 673 crore. Already the airlines had suffered through a series of crisis in early 2012 and recently United Bank of India ask over Mallya and three other directors of Kingfisher Airlines to present before a panel of bank at the head office in early July.
2, 673 crore. Already the airlines had suffered through a series of crisis in early 2012 and recently United Bank of India ask over Mallya and three other directors of Kingfisher Airlines to present before a panel of bank at the head office in early July.
On the other hand SBI which lent 6, 500 crore to airlines is finding ways to declare Mallya as ‘wilful defaulter.’ "We are looking at various ways to declare Vijay Mallya a wilful defaulter and trying build a strong case in that regard," an SBI source said.
6, 500 crore to airlines is finding ways to declare Mallya as ‘wilful defaulter.’ "We are looking at various ways to declare Vijay Mallya a wilful defaulter and trying build a strong case in that regard," an SBI source said.
3. Electrotherm India
Engineering and steel company Electrotherm India Limited holds a heavy amount of market share in the metal melting industry, but it is also inclined to repay of loan of 2211 crore. The company received the notice from high court for winding up. Electrotherm (India) Ltd said” the Gujarat High Court has admitted a petition filed by UCO Bank to wind up EIL.”
2211 crore. The company received the notice from high court for winding up. Electrotherm (India) Ltd said” the Gujarat High Court has admitted a petition filed by UCO Bank to wind up EIL.”
4. Zoom Developers
The global financial crisis of 2008 made a huge impact on Zoom Developers. The company accounts for not repaying loan amounting 1810 crore. Nearly 27 Indian banks, mostly public sector have lent around 2700 crore to the company.
1810 crore. Nearly 27 Indian banks, mostly public sector have lent around 2700 crore to the company.
Earlier United Bank of India put the indication of acquiring Zoom Developer’s assets to recover the loan amount on behalf of 25 banks.
5. Sterling Bio Tech
Sterling Biotech, a pharmaceutical firm is accounted for repayment of loans worth 1732 crore. The company deals in the manufacture of gelatin for pharmaceutical and edible uses. Sterling BioTech reported a loss of 103.33 crores in March 2014.
1732 crore. The company deals in the manufacture of gelatin for pharmaceutical and edible uses. Sterling BioTech reported a loss of 103.33 crores in March 2014.
The company has taken loans from SBI, PNB and BOB.
6. S. Kumars Nationwide (SKNL)
SKNL is one of pioneers in manufacturing textiles and apparels and also involves in business of trading for the same. SKNL got the legal rights to manufacture and market the Reid & Taylor suiting in India in 1998. In spite of building a wealthy empire, SKNL is in the list of loan defaulters, and non payments worth 1692 crores.
1692 crores.
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