Amukha Exclusive

Amukha Exclusive: 147 New Wilful Defaulters Owing Rs 5,786 Crore to Banks Identified in Dec’20 quarter

A total of 147 borrowers have been classified as wilful defaulters by the Indian banks in the quarter ended Dec. 31, 2020, according to the data accessed by Amukha via RTI query to the RBI. The newly identified wilful defaulters collectively owed Rs 5,785.93 crore to the banks.

Ezeego One Travel and Tours, Cox & Kings, and Cox & Kings Financial Service were the top 3 new wilful defaulters by the amount they owed to banks. Here, we have highlighted top 10 newly identified wilful defaulters in Dec’20 quarter which accounted for 66% of total amount owed by 147 new wilful defaulters.

As on Dec. 31, 2020, the amount owed by 2,261 wilful defaulters stood at staggering Rs 1,71,912.72 crore. The amount owed by wilful defaulters up 4.5% sequentially from Rs 1,64,518.27 crore as on Sep. 30, 2020.

The 117 existing wilful defaulters have seen an increase of Rs 6,946.18 crore in Dec’20 quarter. REI Agro witnessed the highest increase of Rs 766.88 crore in the amount owed to the banks in rupee terms from Sep’20 level to Rs 4,676.28 crore as on Dec’20. Lakhani India has shown the highest increase of 755.2% in the amount owed to the banks in terms of percent change from Sep’20 level to Rs 60.72 crore as on Dec’20.

How Amukha’s Market Intelligence Unit Can Help the Banks

Today, the major problem for the banks is an unintended faulty selection of large borrowers resulting in loan frauds. In our view, having a dedicated system to detect fraudulent behavior of large value loan accounts is the need of the hour. Amukha has introduced the Market Intelligence Unit (MIU), which can help banks detect frauds and monitor the health of the large borrowers both at the pre-sanction and monitoring stage.

To strengthen the bank’s pre-sanctioning process with complete automation, Amukha has introduced Pre-onboarding Note Approval feature in MIU. This feature offers all relevant information to the various stakeholders with the bank to take informed decision on the prospective large-value borrowers. This includes a. Basic Company Details; b. Annexure with Status on All Critical Alerts and c. Option to capture Analyst’s comments. In addition, the entire flow from saving pre-onboarding note to sharing it with sanctioning authority for final approval along with option to record the audit trail has been integrated in the MIU.

Amukha’s innovative MIU application uses extensive sources, from alternative datasets to the banks’ internal and field intelligence data, to derive early warning signals for the identification of large value accounts potentially fraudulent or credit risk behavior.

To know more about Amukha’s MIU, email us at info@amukha.com.

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