RBI

RBI has published draft guidelines for classification of Wilful Defaulters:

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1) Earlier RBI did not have a specific timeline within which a borrower should be declared a wilful default once a loan has turned NPA (i.e. a default has happened) 2) Wilful defaulters are those (Individuals & Companies) who have the ability to pay a bank’s (or NBFCs) dues but do not or divert bank …

RBI has published draft guidelines for classification of Wilful Defaulters: Read More »

Rs 5,000 fine per day! RBI orders banks, NBFCs to release property docs within 30 days of loan repayment.

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SUMMARY:.The RBI has issued a directive requiring Regulated Entities (REs), including banks, NBFCs (including HFCs), ARCs, LABs, and Co-Op Banks, to release all original movable and immovable property documents within 30 days after the full repayment or settlement.The move will come into effect on December 1, 2023.It further said failure to comply with this directive …

Rs 5,000 fine per day! RBI orders banks, NBFCs to release property docs within 30 days of loan repayment. Read More »