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Banks told to set up anti-fraud wing as wilful defaults mount | | Feb 24, 2019
NEW DELHI: The Government has asked all banks to set up a separate fraud prevention
wing to detect potential wilful defaults at an early stage.
Although the banks were using insolvency clauses to prevent defaults, they
have recorded a substantial rise in wilful defaults in 2018, according to data
from Cibil, quoted by Mint.
The RBI had wanted them to refer more than three dozen defaulting companies
to the National Company Law Tribunal (NCLT). 1,484 cases have been reported
to the bankruptcy court in two years.
IDBI Bank topped wilful defaults among public sector banks, such defaults becoming
double from Rs 3,660 crore to Rs 7,381 crore in one year. This is more than
13% of the bank’s gross non-performing assets (NPAs).
Other public sector banks such as Bank of India (BOI) and Bank of Maharashtra
(BOM) followed the list.
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