Mandates return of loan documents within 15 days of loan closure
The finance minister has announced steps to improve the ease of retail borrowers. In order to reduce harassment and bring in greater efficiency, PSBs are directed to ensure mandated return of loan documents within 15 days of loan closure. This would benefit borrowers who have mortgaged assets final.The banks would introduce on line tracking of loan applications by customers of Retail, MSME, Housing, Vehicle, working Capital, limit enhancements, renewals etc. This would increase transparency, reduce harassment, and improve turn-around time for customers.
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