The Supreme Court’s decision to allow borrowers a chance to be heard before their accounts are flagged as fraudulent by lenders is expected to result in several cases being reopened where the borrower is aggrieved because of such classification, bankers said. Still, the reopening of cases would not be automatic. A borrower who is aggrieved by the ‘fraud’ classification will have to approach the bank and consequently, the bank will take the necessary steps so that the apex court’s order is followed in letter and spirit, they said.
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