RBI gives loan defaulters’ list, urges SC keep it secret

The RBI has submitted a list of big loan defaulters in a sealed cover to the Supreme Court with a submission that disclosing their names may have “adverse impact” for business and may “accentuate failure of business”. “Disclosing details of accounts where defaults have been found irrespective of the reasons for no-repayment may have adverse impact for business and in a way may accentuate the failure of business rather than nursing it back to health,” the Reserve Bank of India said in a recent affidavit submitted along with the list of defaulters. “Disclosure of names of defaulters may have an impact on the livelihood of scores of employees employed in such entities,” the RBI said. A bench headed by Chief Justice T S Thakur had last month directed the central bank to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over rise in bad loans.