Shame only wilful defaulters, says RBI

Mumbai: RBI on Thursday said lenders can publish photographs of only those borrowers in newspapers who have been declared wilful defaulters as per the central bank’s guidelines.

While asking the banks not to indiscriminately publish photographs of defaulters and guarantors in newspapers, it directed the lending institutions to formulate a policy in this regard. It should clearly sets out the criteria based on which the decision to publish the photographs of a person will be taken by them so that the approach is neither discriminatory nor inconsistent. RBI said some institutions have been publishing the photographs of defaulters.