UAE banks to chase defaulters in India

Pedro Gonçalves
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UAE banks to chase defaulters in India

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 res...

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