RBI’s latest crackdown on wilful defaulters: Draft Directions have glaring loopholes

Published On: 31/10/2023

Practice Area: Banking & Finance

Authors:

The RBI recently issued the draft RBI (Treatment of Wilful Defaulters and Large Defaulters), Directions, 2023 (Draft Directions) as an attempt to consolidate the framework governing wilful defaulters (WDs). The Draft Directions constitute RBI’s latest initiative in curbing rising instances of wilful defaults and non-performing assets.