Reserve Bank of India,RBI, has directed banks to periodically audit and re-verify documents of all credits of 5 crore rupees and above till the loan is fully repaid.In a notification issued in Mumbai, the RBI said banks should provide quarterly review note of such audits, including information like number of accounts where rectification is required, list of deficiencies observed by auditors and steps taken to rectify the deficiencies.
News On AIR | June 8, 2013 7:15 PM
RBI directs banks to periodically audit documents of credits of Rs 5 Cr and above