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The Reserve Bank of India (RBI) has asked lenders to give specific timelines on loan disbursal to ensure faster implementation of projects, while asking banks to maintain a monitoring mechanism to check any delays.
The central bank gave 30 days to banks to put this into practice, it notified on Monday.
"While banks are required to carry out necessary due diligence before arriving at credit decisions, timely and adequate availability of credit is a pre-requisite for successful implementation of large projects," the RBI said.
For the full notification, see: (http://tinyurl.com/lax9e2z)
