State Bank of India has filed an application before the Supreme Court seeking clarifications on the apex court's recent directive that banks hear defaulters before they classify a loan account as fraud.
In its plea filed on April 13, SBI has said: "On a purposeful reading of the judgment, this Court has not read any personal hearing. However, it is likely to be misconstrued and a spate of litigation is apprehended on this ground by those defaulters. Their default has substantially contributed to the weakening of the financial position of the banks, affecting the economy of the nation."
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