Indian banks will jointly move the Reserve Bank of India (RBI) asking to change the definition of the word "fraud" which crushes companies, leads to legalities even after the amount is repaid and petrify financiers, a media report said on Monday.
According to the Economic Times report, all the high-street bank CEOs decided to make a representation to RBI at a meeting to discuss issues faced by the lenders.
Under the RBI, the regulation requires all banks to mark a lending company and all its accounts as "fraud account" when one lender puts a fraud tag. This leads to a