The Reserve Bank of India (RBI) has directed the banks to compulsorily acknowledge all the loan applications, submitted either manually or online, by the micro, small and medium enterprise (MSME) borrowers.
The central bank has issued the directive after receiving complaints from industry associations/ chambers that banks have not been acknowledging loan applications. The banks have been asked for ensuring that a running serial number is seen on the loan application form and also on the acknowledgement receipt.
Moreover, the banks are strengthened to commence a central registration for loan applications, said RBI. The same technology is expected to be used for online submission of loan applications for enabling online tracking.
For the micro enterprises, the simplified application-cum-sanction form, printed in regional language, needs to be unveiled for loans up to Rs 1 crore.
For more information, click: http://news.indiamart.com/story/rbi-asks-banks-acknowledge-streamline-msme-loan-applications-153008.html
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