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Time duration fixed for scrutinising loan applications – RBI Order
Posted on: 02/Sep/2014 4:57:07 PM
Reserve Bank of India has ordered all the banks to fix the duration for scrutinising all loan applications and adhere to this duration for clearing the loans.
Banks have to set clear procedures and deadline for scrutinising loan applications. Even the applications pending those exceeding the deadline will have to be checked thoroughly & cleared.
The outcome of the scrutiny of loan applications should be made available on the internet.
Reserve Bank of India has taken this action following various complaints regarding undue delays in clearing loan applications.
