Alerts & Updates 6th Aug 2024

RBI Master Directions on Wilful Defaulters: A Comprehensive Guide

Authors

Mukesh ChandSenior Counsel | Mumbai

Latest Thought Leadership

Investment Funds
Alerts & Updates 23rd Jun 2026

SEBI’s Board Meeting approves GARUDA Mechanism for AIFs

Read More
Alerts & Updates 19th Jun 2026

Power of the Central Government to call for information under the DPDP Act

Read More
Investment Funds
Alerts & Updates 18th Jun 2026

Variable Capital Company Fund Structures in the DIFC Singapore Mauritius and GIFT-IFSC – A Comparison

Read More
Alerts & Updates 17th Jun 2026

New SEBI Rules for Retention of Proceeds and ‘Inoperative Fund’ Status for AIFs

Read More

On July 30, 2024, RBI issued revised guidelines on the treatment of wilful defaulters with the introduction of the Master Directions on Wilful Defaulters and Large Defaulters (effective from October 28, 2024) (Master Circular/ Master Directions 2024). Earlier these directions were consolidated whereby all the earlier instructions issued by the RBO on the above matters up to June 30, 2015 were consolidated. The 2015 Master Directions now stand replaced by Master Directions 2024.

This update provides a detailed overview of these guidelines, their background, evolution, key judicial interpretations, and practical steps for institutions, banks, borrowers, and guarantors.

Read the detailed update here

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.