Central Bank of India has started an exercise to profile its defaulting borrowers. With this initiative, the bank aims at assessing whether the defaulters are cordial to repay their overdue debt or should be proceeded against under the recovery law. The bank has taken this step as its bad loans increased by 16% year-on-year to Rs 8,456 crore as at March-end 2013.
The bank aims to complete the profiling exercise by June-end and later it will take the appropriate action, for either reviving the borrower’s enterprise or initiating recovery proceedings.
