list of top bank defaulters in India : RBI

Photo : english.gujaratexclusive.in

Total funded advances outstanding to these 30 companies – along with the amount the banks have written off so far – adds up to over Rs 52,000 crore.

To put this in perspective, as of December 2018, over 11,000 companies had willfully defaulted on amounts worth over Rs 1.61 lakh crore, according to TransUnion Cibil data.

Major wilful defaulters revealed: RBI finally discloses details under RTI.

For over ten years, the RBI has denied RTI applicants this information arguing that it would be against the economic interests of the country.

Kabir Agarwal & Anuj Srivas | The Wire. 
Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied.

In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 major wilful defaulters.

For over ten years, the RBI has denied RTI applicants this information arguing that it would be against the economic interests of the country and its ‘fiduciary relationship’ with the banks disallows it from doing so.

While the Central bank has been reluctant to release this data, individual banks and lenders have always generated information on wilful defaulters in the form of suits filed for recovery of their dues. This data has, over the years, been collated by  TransUnion Cibil.

According to the Central bank’s response though, three companies belonging to fugitive diamantaire Mehul Choksi are amongst the 30 major wilful defaulters that the Indian banking system is currently grappling with.

Photo : The Wire - kabir Agarwal & Anuj Srivas
The wilful defaulter data released by the RBI comes from a large centralised banking system database called ‘CRILC’ – the Central Repository of Information on Large Credits. This is a pool of data on the credit information of all borrowers who have an exposure of Rs 5 crore and above. CRILC has in the last three years been particularly useful as a data-sharing mechanism between banks as well, to identify errant borrowers and ensure they don’t try to cheat the system.

From February 2019, banks have had the option in CRILC to categorise whether a borrower is a wilful defaulter or not.

The RBI defines a borrower as a ‘wilful defaulter’ if the company has not met repayment obligations despite having the capacity to do so. While a ‘wilful default’ tag does not necessarily imply wrong-doing on the part of the promoters, the classification is also used while referring to loan fraud cases, where the borrower has diverted the loan for purposes other than those initially stated.

The table below, therefore, is a list of borrowers flagged as ‘wilful defaulters’ by banks. The amounts of money given in the table is the sum of ‘funded advances outstanding’ and amount ‘prudentially/technical written-off’ as on April 30, 2019.


Sl No
Borrower name 
Sum of funded advances outstanding and amount technically/prudentially written off (in Rs. crores)
1
Gitanjali Gems Limited
5044
2
Rei Agro limited
4197
3
Winsome Diamonds and Jewellery Limited
3386
4
Ruchi Soya Industries Limited
3225
5
Rotomac Global Private Limited
2844
6
Kingfisher Airlines Limited
2488
7
Kudos Chemie limited
2326
8
Zoom Developers Private Limited
2024
9
Deccan Chronicle Holdings Limited
1951
10
ABG Shipyard Limited
1875
11
Forever Precious Jewellery and Diamonds Private Limited
1718
12
Surya Vinayak Industries Limited
1628
13
S Kumars Nationwide limited
1581
14
Gili India Limited
1447
15
Siddhi Vinayak Logistic Limited
1349
16
VMC Systems limited
1314
17
Gupta Coal India Private Limited
1235
18
Nakshatra Brands Limited
1148
19
Indian Technomac Company Limited
1091
20
Shree Ganesh Jewellery House Limited
1085
21
Jain Infraprojects Limited
1076
22
Surya Pharmaceutical Limited
1065
23
Nakoda limited
1028
24
KS Oils limited
1026
25
Coastal projects limited
984
26
Hanung Toys and Textiles Limited
949
27
First Leasing Co of India Limited
929
28
Concast Steel and Power Limited
888
29
Action Ispat and Power Private Limited
888
30
Diamond Power Infrastructure
869

Sum of funded advances outstanding and amount techincally/prudentially written off (in Rs. crores)
52658


The data does not contain total bad loans or non-performing assets of these wilful defaulter accounts.

Borrowers flagged as wilful default and reported by banks under CRILC reporting as on April 30 2019.

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