New legal framework suggested by the Reserve Bank of India, which will soon get operational, will allow banks to track loan accounts that are likely to default. It also allows setting up of central Fraud Registry
RBI has finalised a structure of Central Fraud Registry and will soon come up with guidelines to enable quick sharing of information about unscrupulous borrowers and help banks fight bad loans. Presently, banks are advertising the list of wilful defaulters on their website and newspapers individually.
Reserve Bank has almost finalised the structure of Central Fraud Registry and will soon come up with guidelines to enable quick sharing of information about unscrupulous borrowers and help banks fight bad loans.