Borrowers must be heard before fraud tag, says SC

Summary by Ground News

Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, Supreme Court rules. The apex court was examining judgements by the Telangana High Court and Gujarat High Court on the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select Fls Directions 2016) master circular.

Published 2 months ago

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Times of India

Serve notice before tagging bank accounts as fraud, rules Supreme Court

India Business News: NEW DELHI: Observing that declaring a bank account as fraud could be fatal for the borrower leading to his "civil death", the Supreme Court on Monday .

2 months ago·Mumbai, India

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News18 India

Supreme Court Says Borrowers Must Be Accorded Hearing Before Declaring Bank Account As Fraud

A bench headed by Chief Justice D Y Chandrachud said a classification of accounts as fraud results in civil consequences for borrowers and hence, an opportunity of hearing must be given to such persons.

2 months ago·India

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The Hindu

Borrowers should be heard before accounts are classified as fraud: SC

Bench says the principle of natural justice demands that borrowers, who face a condition akin to blacklisting, should be given a chance to be heard first

2 months ago·India

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NDTV

Banks Must Hear Borrowers Before Classifying Accounts As Fraud: Supreme Court

The Supreme Court on Monday rejected the State Bank of India's appeal, upholding the Telangana High Court's order and ruled that it is reasonably practicable for the lender banks to provide an opportunity for a hearing to the borrowers before classifying their accounts as fraud. A bench of Chief Justice Dhananjaya Y Chandrachud and justice Hima Kohli uphold the judgment of the Division Bench of the High Court of Telangana dated December 10, 2020…

2 months ago·New Delhi, India

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Live Mint

Borrowers must get chance to be heard before account is classified fraud: SC

The apex court noted that classifying an account as fraud entails serious civil consequences for the borrower, and amounts to blacklisting

2 months ago·New Delhi, India

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The Print

Indian banks must hear loan defaulters before declaring accounts as fraud – top court

By Arpan Chaturvedi and Siddhi Nayak NEW DELHI (Reuters) - Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, the Supreme Court ruled on Monday.

2 months ago·India

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