The government has no proposal to amend the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949 to declare wilful default as a criminal offence. It is also not contemplating to set up fast track courts for trial of wilful defaulters, at present. <br/><br/>This was stated by Finance Minister Arun Jaitley in a written reply in the Rajya Sabha today. He said the RBI's Master Circular on Wilful Defaulters, addressed to banks, provides that legal process against borrowers, guarantors and foreclosure for recovery of dues should be initiated expeditiously. He said lenders may also initiate criminal proceedings against wilful defaulters. <br/><br/>