57 borrowers default on loans worth Rs 85,000 crore

RBI governor Urjit Patel
RBI governor Urjit Patel

Going through a report submitted by the RBI, the Supreme Court asked why the names of 57 borrowers who defaulted on bank loans worth Rs 85,000 crore should’nt be made public.

“Who are these people who aren’t repaying their loans on time? Why was this fact that those who borrowed money and not paying back not made public?” asked a bench headed by Chief Justice TS Thakur.

The bench comprising Justice DY Chandrachud and Justice L Nageswara Rao said that if people file RTI query, they have a right to know as to who the loan defaulters are?

By withholding information how does it affect you? Does the RBI has any problem? asked the CJI. The next hearing in the case will be on October 28, when it will hear the issue of disclosure of names of defaulters.

Advocate Prashant Bhushan, appearing for NGO Centre for Public Interest Litigation (CPIL), said he was not against disclosure of the outstanding loan amount.

Meanwhile, expressing concern over the growing number of loans not repaid, the SC observed farmers who take Rs 20,000 to Rs 10,000 suffer as result of the rise in number loans which are not repaid.