To expedite credit decision, the Reserve Bank on Monday asked banks to set a timeline for disposal of loan proposals but did not ascribe a particular time frame for the same. ‘Banks should clearly delineate the procedure for disposal of loan proposals, with appropriate timelines, and institute a suitable monitoring mechanism for reviewing applications pending beyond the specified period,’ RBI said in a notification.
RBI also asked banks to make disclosures on timelines by conveying credit decisions through their websites, notice boards and product literature.
RBI also asked banks to make disclosures on timelines by conveying credit decisions through their websites, notice boards and product literature.