The apex bank of the country – RBI has asked the banks to provide the time limit by which the loan amount will get sanctioned. The banks will now be responsible to completely clarify the details of loan borrowing to the customer.
The banks are supposed to implement these two things within 30 days. This is to ensure more transparency in loan approval process. Observing a number of complaints related to the delay in the sanction of loan the RBI has asked the banks to implement these rules. These rules are part of the central bank's guidelines on fair practices code for lenders. With the introduction of these rules the delay in sanction of loan will be reduced.