Borrowers must be accorded hearing before declaration of bank account as fraud: SC

The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India.

from Banking/Finance-Industry-Economic Times https://ift.tt/fsXGhKM