The names of 10 big defaulters of the country have come to light. According to the data revealed from Parliament, a total of Rs 40,635 crore is due on all of them till March 31, 2025. In a written reply in the Lok Sabha, Union Finance Minister Nirmala Sitharaman said that these companies and individuals have deliberately not repaid the loans. This has increased pressure on the financial condition of the banking sector. Let us see whose names are included in the list of top-10 defaulters.
Who is the biggest defaulter?
ABG Shipyard Limited is at number one in the list of defaulters. The company owes Rs 6,695 crore to banks. After this comes the name of Gitanjali Gems, which has a debt of Rs 6236 crore. Other major defaulters include Rs 5,268 crore on Beta Naphthol, Rs 4,291 crore on Rakesh Kumar Kuldeep Singh Wadhawan, Rs 3,810 crore on former director of Bhushan Power and Steel, Rs 3,260 crore on Raza Textiles, Rs 3,080 crore on Gilt Pack.
Rank Industries owes Rs 2,655 crore and Housing Development and Infrastructure (HDIL) owes Rs 2,540 crore.
RBI becomes strict, list of defaulters will be released every month
Statistics show that the problem of corporate default and deliberate non-payment of loans remains a big challenge for the banking sector. According to PTI report, the Finance Minister said that the Reserve Bank of India has directed banks to send the list of willful defaulters every month to the credit information companies, so that it can be displayed publicly. Doing this will increase transparency and put pressure on defaulters. This will also speed up the recovery process of banks.
According to the report, the government and RBI have also given the banks the freedom to make compromise settlements with willful defaulters. However, this is not the right of any borrower, but banks can implement it based on their business judgment. The Finance Minister said that due to delay in legal processes, banks’ money remains stuck for a long time, which reduces the value of assets and affects the final recovery. Therefore, negotiated settlement has been considered a valid method of resolution of stressed assets.
