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Penalties for wilful defaulters strengthened: RBI Governor

India Blooms News Service | | Mar 12, 2016, at 08:06 pm

#RBI Governor # Vijay Mallya # Reserve Bank of India # Raghuram Rajan

New Delhi, Mar 12 (IBNS) Reserve Bank of India Governor Raghuram Rajan on Saturday said penalties for wilful defaulters of banks have been strengthened.

Amid the Vijay Mallya controversy over his exit from India and huge debts to the banks which is worth over Rs 9000 crore, the RBI governor said "there is a well defined process to define wilful defaulters."

Rajan addressed the media with Union Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha after the RBI board meeting here.

Rajan also lauded the government's efforts to consolidate the PSU banks calling the plan "sound".

He also said that the fiscal deficit target for the next fiscal year is a comfort for the RBI.

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