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RBI soft corner towards loan debtors

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As per the source saying @ the www.propertykhazana.com the Reserve Bank of India has directed all the banks to give a last chance for the nonpayer’s and it has also passed the obligatory orders for the banks to fallow the same in future then acquiring the securities. Meantime, the apex bank has also set new guidelines in press release saying that the recovery modus operandi supposed to follow the “letter and spirit” of the Indian Contract Act, thereby providing the defaulters a final opportunity to foreclose the loan prior to the sale or auction of the mortgaged properties.
RBI further suggested that the reclamation phrase in the mortgage deed must embrace the possibility of returning the property to the loan barrowers. RBI has invited public comments on the 2nd set guidelines it suggested with in 10 days.
As reported by the source at the www.propertykhazana.com the recovery agents/staff should fallow certain codes while in process of recovery and without fail should record the calls made with reference to the recovery. Similarly, the banks are said to update the details of the concerned recovery agents on their web portals. In addition, banks should respond on the grievances of the barrowers and with out any pestering the case should be handed over to the concerned recovery agents. If in case, the barrowers are found guilty, then banks are allowed to proceed with the recovery formulas. The Reserve Bank of India had demanded the Indian Banks Association (IBA) to provide counsel and training for the agents involving in the recovery process provided with the certificate and thereby to ensure the recovery agents shall abide by it. For more information and updates fallow us @ www.propertykhazana.com.
Source: NBTVLIVE

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