Now, banks to ‘name and shame’ guarantors of loan defaulters
July 9, 2013
Concerned over rising bad loans, bankers have started publishing names and photos of guarantors of defaulted loans as well in newspapers. However, there is no clarification on the selection criteria of either the defaulter or guarantor
Moneylife Digital Team
Close on the heels of banks publishing photos of borrowers who have defaulted, the lenders have decided to give same treatment to guarantors of such defaulted loans too. However, there is no clarity about the selection criteria of such guarantor, who has provided guarantee to a borrower for loan.
Banks, mostly public sector lenders have decided to ‘name and shame’ the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres.
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