February 20, 2026 11:24 am (IST)
Follow us:
Penalties for wilful defaulters strengthened: RBI Governor
New Delhi, Mar 12 (IBNS) Reserve Bank of India Governor Raghuram Rajan on Saturday said penalties for wilful defaulters of banks have been strengthened.
Amid the Vijay Mallya controversy over his exit from India and huge debts to the banks which is worth over Rs 9000 crore, the RBI governor said "there is a well defined process to define wilful defaulters."
Rajan addressed the media with Union Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha after the RBI board meeting here.
Rajan also lauded the government's efforts to consolidate the PSU banks calling the plan "sound".
He also said that the fiscal deficit target for the next fiscal year is a comfort for the RBI.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Which International ETF Belongs in Your Portfolio?
Thu, Feb 19 2026
No more tax payment hassles! Bandhan Bank unlocks instant challan and 24×7 payment access in Assam
Thu, Feb 19 2026
Tata Group joins hands with OpenAI in massive AI push to transform India and global industries
Thu, Feb 19 2026
Affordable and aggressive! Nissan launches Gravite at Rs. 5.65 Lakh
Wed, Feb 18 2026