The Supreme Court on Monday said a borrower should be allowed to be heard before a bank declared the person's account "fraudulent".
In this matter, the Bench of Chief Justice of India DY Chandrachud and Justice Hima Kohli upheld the judgment of the Division Bench of the High Court of Telangana of December 10, 2020.
The judgment has come on the appeal of State Bank of India (SBI). The Reserve Bank of India (RBI) issued a master circular in 2016, allowing banks to classify accounts of wilful defaulters as fraudulent without hearing them. The Master Circular, "Frauds Classification and Reporting", was issued under Section 35 A of the Banking Regulation Act, 1949. This circular was challenged in the Telangana High Court, which held in 2020 that borrowers would be heard before the classification of an account as fraudulent.
The SBI and the RBI then moved the Supreme Court against this order.
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