Business Mantra News
Reserve Bank of India, in a notification on 29th September, 2016, allowed Banks/NBFCs etc. to publish photographs of only those defaulters, who have been declared Willful, their directors, partners, guarantors, firms companies etc. in terms of the guidelines laid down by the earlier notification dated 01-07-2015 in “Master Circular on Willful Defaulters”.
In this connection, Reserve Bank’s directive clearly prohibits to publish photographs of all NPA defaulters in indiscriminate way. All Banks/ NBFCs etc. have to formulate a concrete policy ratified by their respective Board of Directors, for publishing the names, photographs etc in print, electronic and or web media etc.