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Central government order for the banks to furnish the income details of all loan repayment defaulters
Posted on: 30/May/2014 2:30:39 PM
The central government has ordered the Income-tax department to furnish the income tax record of all individuals who had take huge loans and failed to pay the monthly loan installments.
The banks can get the details of the full details of the defaulters’ properties and income once this data is furnished to them by the income tax department.
This can pave the way to take stronger action on the defaulters to facilitate the collections of the defaulted amounts.
A statistics informs that the above uncollected loans contribute up to 40% of the uncollectible amounts rendered by the banks.
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