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Central Fraud Registry planned

The Reserve Bank of India in the final stages of evolving a structure for the proposed Central Fraud Registry and it is expected to come out with guidelines in this regard. The intent is to enable quick sharing of information about unscrupulous borrowers and help banks fight bad loans. RBI deputy Governor S.S. Mundra said the central bank has almost finalised the structure and it would be issuing guidelines soon. The registry is expected to help quick sharing of information on entities found to be defrauding banks and it would work under the supervision of RBI. According to RBI figures, the top 30 defaulters owe banks Rs 95,122 crore, which is more than one-third of the entire NPAs of public sector banks as on December 2014. The total number of borrowers having defaulted on Rs 10 crore and above at the end of September 2014 stood at 2,897 with outstanding amount of Rs 1.60 lakh crore.

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