Tightening their noose on loan defaulters, banks 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.
Banks, mostly public sector lenders, began publishing pictures of wilful loan defaulters in newspapers and at other places around the areas of residence of such borrowers earlier this year to induce them to pay up.
This exercise has now been extended to the guarantors of loan defaulters as well as part of efforts to build pressure on the borrowers to clear their dues and Allahabad Bank published one such public notice today.
Interestingly, public sector banks are at the forefront of taking such measures and those already making public the photographs and other details of loan defaulters include the country’s biggest lender SBI and UCO Bank, Allahabad Bank, Indian Bank and Indian Overseas Bank.
Banks, mostly public sector lenders, began publishing pictures of wilful loan defaulters in newspapers and at other places around the areas of residence of such borrowers earlier this year to induce them to pay up.
This exercise has now been extended to the guarantors of loan defaulters as well as part of efforts to build pressure on the borrowers to clear their dues and Allahabad Bank published one such public notice today.
Interestingly, public sector banks are at the forefront of taking such measures and those already making public the photographs and other details of loan defaulters include the country’s biggest lender SBI and UCO Bank, Allahabad Bank, Indian Bank and Indian Overseas Bank.
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