NEW DELHI: The government has begun work on laying down a process for individuals to be declared bankrupt, which will help them deal with a financial crisis rather than be bogged down by it. The rules being framed will help a defaulter repay the money in a structured way, rather than being forced to cough it up to banks in one go.
Sources said the idea is to make the process more humane as the rules would deal with a host of individuals from farmers and kirana shop owners to a salaried middle class person who may be struggling to repay a loan for reasons like loss of job.
“There is huge social stigma attached to this. So, you cannot be punitive. People should be allowed to restructure their lives, ” said Sumant Batra, mana…
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