A wilful defaulter is an entity or a person that has not paid the loan back despite the ability to repay it. The RBI has been initiating every effort to ensure that wilful default should not adversely affect the health of the banking system. The Reserve Bank of India (RBI) is in … [Read more...] about WILFUL DEFAULTERS
EARLY WARNING SIGNALS (EWS) AND RED FLAGGED ACCOUNTS (RFA)
Banks in India are reeling from the overhang of bad loans on their books across both the public and private sector. After a prolonged period of stress, which saw the gross non-performing assets (GNPA) of scheduled commercial banks rising drastically. The Reserve Bank of … [Read more...] about EARLY WARNING SIGNALS (EWS) AND RED FLAGGED ACCOUNTS (RFA)
GARNISHEE ORDER & ATTACHMENT ORDER
GARNISHEE ORDER A Garnishee Order is an order issued by court under provisions of Order 21, Rule 46 of the Code of Civil Procedure, 1908. The concept of 'Garnishment' has been introduced in civil procedure code by the amendment Act, 1976 and is a remarkable piece of legislation. … [Read more...] about GARNISHEE ORDER & ATTACHMENT ORDER
CIBIL SCORE, CREDIT INFORMATION REPORT & CREDIT INFORMATION COMPANIES (CICS) IN INDIA
Your CIBIL Score is an evaluation of your credit history for determination of your loan eligibility. With many applicants looking for a loan, banks were increasingly finding it difficult to carry out intensive background checks regarding the credit-worthiness of the applicant. A … [Read more...] about CIBIL SCORE, CREDIT INFORMATION REPORT & CREDIT INFORMATION COMPANIES (CICS) IN INDIA
NEW MSME POLICY & DEFINITION 2020
Micro, Small & Medium Enterprises (MSME) is the pillar of economic growth of India. MSME has played a prominent role in the development of the country in terms of creating employment opportunities- MSMEs contribute 29 per cent to India's gross domestic product and comprise … [Read more...] about NEW MSME POLICY & DEFINITION 2020