News ID: 436
Published: 0517 GMT August 17, 2014

Approve loans on time

India’s Finance Ministry is likely to ask public sector banks to stick to a time-bound process of loan approvals and issue guidelines that specify timeframes for sanctioning or rejecting various kinds of loans.

At present, there is no uniform timeframe for lenders to process loan applications though banks have internally framed their own timeline for approvals, Hindustan Times reported.

The move is seen as a part of tightening accountability norms and strengthening the banking system, which is under a cloud in the wake of the Syndicate Bank scam and mounting bad loans—which are not being repaid.

 

   
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