Borrowers must be heard before fraud tag, says SC
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 .
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.
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…
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.