Indian banks to do periodic legal audit of loans above 50 mln rupees: cbank
MUMBAI, June 7
MUMBAI, June 7 (Reuters) - The Reserve Bank of India has asked all banks to conduct periodic legal audit of all loans above 50 million rupees ($875.66 million) and re-verification of all title deeds, until the loan is fully repaid.
The central bank has asked all banks to furnish quarterly reviews to the audit panel on an ongoing basis, which covers all aspects of the loan including the course of action from banks to safeguard against deficiencies, it said in a notification on Friday.
The RBI's circular comes in the wake of rising non-performing loans even as economic growth languishes near a decade low. (Reporting by Neha Dasgupta; Editing by Subhranshu Sahu)
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