India lenders reveal a 45% annual jump in wilful defaulters
The number of wilful defaults in India rose by 45% to INR109,594 crore ($17bn) in March 2017, compared to INR74,694 crore in the same month the previous year, according to a report by credit information firm TransUnion CIBIL. The general secretary of the All India Bank Employees Association, CH Venkatachalam has argued that wilful default of bank loans should be made a criminal offence.

Moneycontrol News The number of wilful defaulters who have the resources to pay has been on the rise, reports the Indian Express, quoting data from a report by the TransUnion CIBIL, a credit information firm. Local lenders have seen a 45 percent jump of Rs 34,900 crore in loan defaulters from last year. According to the report, the wilful defaults jumped to Rs 1,09,594 crore in March 2017 from Rs 74,694 crore in the same period last year. Over the last five years, defaults have risen by over Rs 84,000 crore. In FY16, wilful defaulters rose 31 percent while in 2015, it grew 47.5 percent, according to the report. The State Bank of India tops the default list with Rs 15,069 crore stuck in 997 accounts. In FY17, this amount grew by Rs 2,759 crore. Punjab National Bank and Bank of Baroda are next in the list with Rs 10,989 and Rs 4,785 crore worth defaults, respectively. In SBI, the default account includes accounts of GET Engineering with default of Rs 424 crore and Zenith Birla with Rs 139 crore default. PNB has put accounts of Zoom Developers with Rs 410 crore defaults, Forever Precious (Rs 747 crore) and Winsom Diamond with Rs 899 crore under the default list. On the other hand, wilful defaults with the LIC reduced to Rs 1,034 crore in March 2017 from Rs 1,304 crore in the same period last year. All India Bank Employees Association General Secretary CH Venkatachalam told Indian Express that such wilful default accounts should be declared as a criminal offence and action must be taken against them.

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