India bank unions ask RBI to withdraw compromise settlement for wilful defaulters
Two of India's largest bank employee unions, the AIBOC and AIBEA, have urged the RBI to withdraw allowing compromise settlements for wilful defaulters, claiming it rewards unscrupulous borrowers and undermines the integrity of the banking system. The RBI recently introduced a framework for lenders governing technical write-offs and compromise settlements, including those classified as fraud or wilful defaulters.
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