Overview - Suit Filed Accounts

The RBI has, from time to time, issued a number of circulars containing instructions on matters relating to wilful defaulters. All such instructions have been consolidated by the RBI in its Master Circular no.

DBOD.No.CID.BC.1/20.16.003/2011-12 dated July 01, 2011 (Master Circular).

The Master Circular, inter alia, intends to put in place a system to disseminate credit information pertaining to wilful defaulters i.e. all non-performing borrowal accounts with outstanding amounts aggregating to Rs.25 lakhs and above as specified in the Master Circular (Willful Defaulter). This has been issued to help caution banks and financial institutions to ensure that informed credit decisions are taken and no additional credit facilities are granted to the listed wilful defaulters and the necessary legal process, wherever warranted, and foreclosure of recovery of dues is initiated.

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