Regulatory Alerts2025-04-16
Added
BRPD Circular Letter No. 09: Identification & Finalization of Willful Defaulters and Measures to be Taken Against Them
The document replaces the reporting section of BRPD Circular Letter No. 06/2024, requiring banks to report identified and finalized willful defaulters to the Credit Information Bureau (CIB) as 'Willful Defaulters' and to provide specific customer data via Annexure 'A'. Banks must submit cumulative monthly reports of willful defaulters to the Banking Regulation and Policy Division (Division-1) by the 10th of the following month using Annexure 'B', and must update the division with current contact details of their willful defaulter identification units. The previous Annexure 'A' from Circular 06/2024 is hereby cancelled, and these instructions take immediate effect under the powers granted by the Companies Act, 1994.
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