Er Rational musings #423
Wilful defaulter:
https://m.rbi.org.in//Scripts/BS_ViewMasCirculardetails.aspx?id=9044
~ "A wilful defaulter is somebody who has essentially not used the fund for the purpose it has been borrowed or when he has not repaid when he can do so or when he has siphoned off the funds or when he disposed off the assets pledged for availing of loan without the bank's knowledge."
Draw your own conclusion, with respect to Rajya Sabha MP and King of Good Times, and co-owner of 'Royal Challengers Bengalore', and co-owner of 'Force India, formula 1 (F1) team', and a 'la Sir Richard Branson of India, Dr Vijay Mallya.
Think about the plight of a poor farmer of drought hit areas. Loan availed from the bank or some private lender, for cultivating his small tract of land, fighting against known unknown forces, arid, dry, withered farmland, living in un-liveable conditions, a sole bread winner of his family, fighting a losing battle. Totally devasted. Unable to re-pay the meagre loan.
But NOT by CHOICE!!
Are we human...
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मिलिंद काळे, 10th March 2016
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