It is public knowledge that the damage caused by willful corporate defaulters to the country’s banking system and economy is colossal. A majority of them are thriving on scarce public resources, on the hard earned money of honest people. It is high time that willful defaults were treated as a criminal offence through proper legislation having very sharp teeth. Otherwise, there cannot be any respite from this precarious state of affairs. RBI should institute an information system which mandates the banks to publish the names of willful defaulters (beyond a certain amount) at least on a half yearly basis.
Tuesday, July 21, 2020
A Laudable Move by AIBEA
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