Banks in the UAE are going after the Indian nationals who defaulted on their loans in the UAE and then moved to India. As many as 9 UAE-based banks are understood to be in the process of initiating legal action against Indian defaulters to recover around $7bn. During the last few years, starting 2016, a number of Indian businessmen and salary earners have left the country leaving behind a trail of loan defaults following stress in the small and medium enterprises (SME) sector which resulted in a domino effect in terms of business failures and job losses. While most of the cases in...
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