Battling wilful defaulters

Banks and financial institutions (FIs) have been hit hard by defaulting borrowers, especially corporate houses and firms, facing a number of woes. Many have failed to pay because of a sharp dip in revenues and businesses going bust. In view of this, some keep defaulting despite their ability to pay. They are, hence, termed wilful defaulters. With high pressure on profitability and credit costs, banks and FIs have stepped up action against them.