Still, the reopening of cases would not be automatic. A borrower who is aggrieved by the 'fraud' classification will have to approach the bank and consequently, the bank will take the necessary steps so that the apex court's order is followed in letter and spirit, they said.
According to bankers, the Supreme Court order is expected to play out in three phases. One, the borrowers whose accounts were categorised as "fraud" may approach the bank for hearing them again.
This shall lead to the reopening of decided cases. Second, even if the due process is followed based on the order, the borrower can still challenge the bank's verdict in court, further dragging the matter.
Eventually, bankers said, going forward, this decision will help streamline the whole process of classifying accounts as frauds but the decision to arrive at a judgment (whether the account can be classified as fraud or not) may get tougher.
Bu hikaye Business Standard dergisinin March 28, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin March 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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