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Banking Financial Legal Advice
What are the risk faced by defaulters?

What Are The Risk Faced By Defaulters?

What is the risk faced by defaulters?

Free Legal Advice - banking financial

Posted by: Vikas Ahuja

Posted on: 2018-09-19

Along with a prison term or heavy penalty faced by the accused, the bank has the right to stop the cheque book facility and close the account for repeat offenses of bounced cheques. The RBI clearly states that such action can be taken only if the default has taken place at least four times on cheques valued at over Rs 1 crore.

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at Lawtendo.com and has been responded by one of the banking financial at Lawtendo.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at Lawtendo.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail. .

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