...........It is such practises that give banking a bad name, especially when nobody is willing to even acknowledge that such practices exist, though it is an open secret in trade circles. The Reserve Bank of India (RBI) has washed its hands off the affair by requiring that banks provide reasons in writing for rejecting any loan or credit application. Banks rarely reject loan applications in writing and when pushed by applicants, the reasons are mentioned in normal bureaucratese such as "the application does not meet our credit norms". So, what is wrong with such practices that an entire column be devoted to it?................
Read | Business Standard
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