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Abhyudaya's wilful defaults triple in 1 year
Mint Mumbai
|December 12, 2023
The count of wilful defaulters has risen from nine in Oct 2022 to 24 now
Abhyudaya Cooperative Bank, whose board was superseded by the Reserve Bank of India (RBI), witnessed a threefold increase in wilful defaults in the past one year to ₹416 crore, according to data from TransUnion Cibil. This surge in defaults may have exacerbated its challenges in the lead-up to regulatory action.
These are accounts of ₹25 lakh or more where the bank has initiated legal action for wilful defaults. A borrower is labelled a wilful defaulter when it fails to meet repayment obligations despite having financial capacity to do so.
On 31 October 2022, the Mumbai-based cooperative bank reported wilful defaults amounting to ₹132 crore across nine entities. Data further showed that the count of companies classified as wilful defaulters shot up to 24 within a year.
The bank has seen a decline in its capital adequacy ratio in recent years, dropping from 12.6% in FY20 to 12.01% in FY21, and to 9.02% in FY22, according to RBI data.
This story is from the December 12, 2023 edition of Mint Mumbai.
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