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Introduction:

The Reserve Bank of India (“RBI”) has proposed a transparent mechanism to identify and declare borrowers as Wilful Defaulters. The Central Bank issued the ‘Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters’ (“Master Direction” or “Direction”) on September 21, 2023, on which stakeholder comments have been invited till October 31, 2023.Continue Reading Draft Master Directions on Wilful Defaulters 2023: A Balanced Approach?