Loan defaulters: UAE banks set to start legal action in India

Loan defaulters: UAE banks set to start legal action in India

Banks will start legal proceedings mainly against larger defaulters due to big costs associated with the recovery procedures, according to sources.. The means verdicts of the UAE courts against bank loan defaulters and other civil case convicts can be executed in India and vice-versa.. Sources added that it is shareholders' money that defaulters take away from the UAE it is local bank's right to go after the defaulters who have left without settling their debts.. I gather that many UAE banks have recovery centers in India; the new reciprocating law will ease their working," he added..