News & Media 9th May 2023

Banks opt to go slow on fraud classification

Authors

Mukesh Chand Senior Counsel | Mumbai

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Banks are going slow in marking delinquent accounts as fraud, as they await clarity from the Supreme Court (SC) on disclosure norms. This comes after the country’s biggest lender, State Bank of India (SBI), moved to the apex court seeking clarification on the apex court’s order on fraud account classification.

Against this backdrop, Mukesh Chand, Senior Counsel, Economic Laws Practice (ELP) has been quoted in an article, ‘Banks opt to go slow on fraud classification‘ published by Financial Express (India).

Read the detailed quote here: Click Here