UAE banks set to begin legal actions against defaulters in India – ZAWYA

UAE banks set to begin legal actions against defaulters in India – ZAWYA

UAE banks set to begin legal actions against defaulters in India. Some banks in the UAE are going after the Indian nationals who defaulted on their loans in the UAE and then moved to India.. Source said banks will start legal proceedings mainly against larger defaulters due to big costs associated with the recovery procedures.. Banking sources told Khaleej Times 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.. Among the nine UAE banks which plan to initiate legal proceedings against defaulters include Emirates NBD , Abu Dhabi Commercial Bank, Mashreq bank and other regional banks, Economic Times reported.. I gather that many UAE banks have recovery centers in India; the new reciprocating law will ease their working," he added..