After Supreme Court's fraud tag verdict, responsibility now on banks

The Supreme Court’s (SC’s) verdict on Monday that a borrower must be heard before an account is classified as fraud has come as a big relief for India Inc. The decision places responsibility on banks before they proceed on this line. 

Borrowers — small and large — can now seek a relook at their cases. Senior bankers pointed out that “natural justice” to an aggrieved borrower was the casualty to a large extent because of the short interval available to them to offer relief under the Reserve Bank of India’s Master Directions (Frauds-Classification and Reporting by commercial banks and select Financial