Banks should put in place a Board approved policy with regard to take-over of loans from another bank, according to the Reserve Bank of India. This directive follows the regulator receiving complaints that critical information on the health of the borrowal accounts (loans) being taken over is not being shared by the transferor bank with the transferee bank. This is resulting in inadequate due diligence at the time of taking over of accounts. The RBI said the policy should include norms relating to the nature of accounts being taken over, authority levels for sanction of takeover, reporting of takeover to higher authorities, and monitoring mechanism of taken over accounts.............
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