An opportunity to hear an account holder before a loan account is declared fraudulent under the 2016 Reserve Bank of India’s (RBI) Master Circular doesn’t mean an oral or a personal hearing is necessary in every case, the Supreme Court clarified on Monday after the State Bank of India (SBI) approached the court.
A bench, headed by Chief Justice of India Dhananjaya Y Chandrachud, however, asked SBI to file a review petition after the bank sought another clarification to hold that the March judgment of the top court will apply only prospectively and those already proceeded against under the 2016 Master Circular cannot demand an opportunity of hearing, citing the latest verdict.
“In our judgment, we have not said that a hearing would mean a personal hearing...We have not said you give a personal hearing to everyone. Proceed on the premise that an opportunity has to be given which can mean a representation too. If someone says he needs an oral hearing, then you decide appropriately," the bench told solicitor general Tushar Mehta, who appeared for SBI.
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