UCO Bank declares Yash Birla wilful defaulter



Once declared a wilful defaulter, as per RBI’s instructions, the borrower is not sanctioned any additional facilities by banks or financial institutions and the unit is debarred from floating new ventures for five years and lenders may initiate criminal proceedings against the company and its directors.



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Biggest bank frauds in the past 11 years



Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.



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Anxious economists urge RBI to cut rate



Economists have said if a stimulus is needed it should be different from what was provided in 2008-09, when the economy faced the ripple effects of a global meltdown following the Lehman Brothers collapse.



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RBI urged to provide names of big loan defaulters



The CIC’s directive came while deciding on a plea by Lucknow-based activist Nutan Thakur, who had based her RTI application on some media reports that RBI deputy governor Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters have been sent to banks for resolution.



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