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Total funded advances outstanding to these 30 companies – along with the amount the banks have written off so far – adds up to over Rs 52,000 crore.

To put this in perspective, as of December 2018, over 11,000 companies had willfully defaulted on amounts worth over Rs 1.61 lakh crore, according to TransUnion Cibil data.

Major wilful defaulters revealed: RBI finally discloses details under RTI.

For over ten years, the RBI has denied RTI applicants this information arguing that it would be against the economic interests of the country

Kabir Agarwal & Anuj Srivas | The Wire. Last Updated at November 21, 2019 23:01 IST

Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied.

In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 major wilful defaulters.

For over ten years, the RBI has denied RTI applicants this information arguing that it would be against the economic interests of the country and its ‘fiduciary relationship’ with the banks disallows it from doing so.

While the Central bank has been reluctant to release this data, individual banks and lenders have always generated information on wilful defaulters in the form of suits filed for recovery of their dues. This data has, over the years, been collated by  TransUnion Cibil.

According to the Central bank’s response though, three companies belonging to fugitive diamantaire Mehul Choksi are amongst the 30 major wilful defaulters that the Indian banking system is currently grappling with.

The wilful defaulter data released by the RBI comes from a large centralised banking system database called ‘CRILC’ – the Central Repository of Information on Large Credits. This is a pool of data on the credit information of all borrowers who have an exposure of Rs 5 crore and above. CRILC has in the last three years been particularly useful as a data-sharing mechanism between banks as well, to identify errant borrowers and ensure they don’t try to cheat the system.

From February 2019, banks have had the option in CRILC to categorise whether a borrower is a wilful defaulter or not.

Photo : The Wire – Kabir Agarwal & Anuj Srivas

The RBI defines a borrower as a ‘wilful defaulter’ if the company has not met repayment obligations despite having the capacity to do so. While a ‘wilful default’ tag does not necessarily imply wrong-doing on the part of the promoters, the classification is also used while referring to loan fraud cases, where the borrower has diverted the loan for purposes other than those initially stated.

The table below, therefore, is a list of borrowers flagged as ‘wilful defaulters’ by banks. The amounts of money given in the table is the sum of ‘funded advances outstanding’ and amount ‘prudentially/technical written-off’ as on April 30, 2019.

The data does not contain total bad loans or non-performing assets of these wilful defaulter accounts.

Borrowers flagged as wilful default and reported by banks under CRILC reporting as on April 30 2019

Sl No Borrower name  Sum of funded advances outstanding and amount technically/prudentially written off (in Rs. crores)
1 Gitanjali Gems Limited 5044
2 Rei Agro limited 4197
3 Winsome Diamonds and Jewellery Limited 3386
4 Ruchi Soya Industries Limited 3225
5 Rotomac Global Private Limited 2844
6 Kingfisher Airlines Limited 2488
7 Kudos Chemie limited 2326
8 Zoom Developers Private Limited 2024
9 Deccan Chronicle Holdings Limited 1951
10 ABG Shipyard Limited 1875
11 Forever Precious Jewellery and Diamonds Private Limited 1718
12 Surya Vinayak Industries Limited 1628
13 S Kumars Nationwide limited 1581
14 Gili India Limited 1447
15 Siddhi Vinayak Logistic Limited 1349
16 VMC Systems limited 1314
17 Gupta Coal India Private Limited 1235
18 Nakshatra Brands Limited 1148
19 Indian Technomac Company Limited 1091
20 Shree Ganesh Jewellery House Limited 1085
21 Jain Infraprojects Limited 1076
22 Surya Pharmaceutical Limited 1065
23 Nakoda limited 1028
24 KS Oils limited 1026
25 Coastal projects limited 984
26 Hanung Toys and Textiles Limited 949
27 First Leasing Co of India Limited 929
28 Concast Steel and Power Limited 888
29 Action Ispat and Power Private Limited 888
30 Diamond Power Infrastructure 869
  Sum of funded advances outstanding and amount techincally/prudentially written off (in Rs. crores) 52658

Source: 

Obtained from the RBI through an RTI application filed by The Wire

Note: The amounts listed are not the total amount of non-performing assets or total loans that these companies have defaulted on.