Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, the Supreme Court ruled on Monday.
Banks cannot unilaterally declare an account as fraud without providing the defaulter the right to be heard, a top court bench led by Chief Justice DY Chandrachud said.
The apex court was examining judgements by the Telangana High Court and Gujarat High Court on the Reserve Bank of India master circular. Telangana High Court had ruled that not granting the right to be heard infringes on the borrowers' constitutional right.
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