Exposure Drafts/consultation papers

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September 2023

Draft master direction on treatment of wilful defaulters and large defaulters

In April 1999, the Reserve Bank of India (RBI) had introduced a scheme for handling wilful defaulters. These guidelines were subsequently consolidated into the master circular on wilful defaulters, last updated in 2015.

In this regard, on 21 September 2023, RBI issued the revised draft master direction on treatment of wilful defaulters and large defaulters (the draft master direction). It expands the scope for Regulated Entities (REs), which can classify borrowers as wilful defaulters, broadens the definition of ‘wilful default’, refines the identification process and mandates a review and finalisation on wilful default aspects within six months of an account being classified as a Non-Performing Asset (NPA).

Additionally, the draft master direction also addresses the treatment of wilful default loans sold to Assets Reconstruction Companies (ARCs) and their status under the Insolvency and Bankruptcy Code.

Comments are invited by RBI up to 31 October 2023.

To access the text of the draft master direction, please click here

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Regulatory updates