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In an effort to thwart the perpetration of fraud in advances and credit applications, the Reserve Bank of India (RBI) has recommended a system of confidential inquiry. No longer will a potential borrower be trusted at his word — he will have to provide relevant documents of title to prove his worth is as stated. Banks will also be directed to verify all assets and liabilities represented by the prospective borrowers – as well as make personal visits to their homes or businesses.
The RBI working group has made many recommendations. Among them is the suggestion that instances of suspected fraud should be submitted as special reports to the authorities for all matters involving mala fide, corrupt practices and gross non-discipline.
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