Government denies to disclose names of 50 Biggest Loan Defaulters

The government has refused to disclose the names of the country’s top 50 loan defaulters. The Government of India said that the Reserve Bank of India (RBI) already has clear rules on how such information should be handled.

Shri Ritabrata Banerjee had asked the Government of India to reveal the names of 50 biggest loan defaulters in India but the Government did not disclose the names.

As per RBI’s Master Direction on Treatment of Wilful Defaulters and Large Defaulters, the responsibility lies with Credit Information Companies (CICs) to publish details of big defaulters. These companies are required to:

• Display the names of suit-filed defaulters of ₹1 crore and above, and
• Display the names of wilful defaulters of ₹25 lakh and above.

This information is already available to the public and can be accessed through the official websites of RBI-registered and regulated credit information companies:

1. suit.cibil.com
2. suit.experian.in
3. equifax.co.in
4. crifhighmark.com

RBI has informed that in terms of Section 45E of the RBI Act, 1934, RBI is prohibited from disclosing borrower-wise credit information. Section 45E provides that the credit information submitted by a bank is treated as confidential and is not to be published or otherwise disclosed.