Reports from TransUnion Cibil's data have found out that willful loan defaults in India are even higher than the total GDP of 87 countries at Rs 2.4 lakh crore.
Over the past ten years, the amount that willful defaulters owe Indian banks has increased more than ten-fold, from Rs 23,000 crore on March 31, 2012, to Rs 2.4 lakh crore on May 31, 2022.
Willful defaulters are those who had the ability to repay their loans but decided not to do so, according to the RBI. Willful defaulters also include businesses that spend money for things other than what the loans were intended for.
According to TransUnion Cibil's data, defaults peaked in March 2021 at around Rs 2.6 lakh crore but have subsequently decreased slightly. The information only relates to accounts where lawsuits against willful defaulters with unpaid balances of at least Rs 25 lakh have been lodged. According to TOI, there were over 12,000 such defaults in India as of May 31st, 2022.
This enormous sum of Rs 2....
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