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Q.

Reserve Bank of India (RBI) has directed banks to be more vigilant regarding certain unscrupulous borrowers who are enjoying credit facilities under multiple banking arrangements and have, after defrauding one of the financing banks, continue to enjoy the facilities with other financing banks.
Your views ????

Tags: money, education, rbi
Asked by Mohammed asim nehal, 11 Jan '10 01:29 am
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Answers (3)

 
1.

Yes. Fraudulent behaviour by unscrupulus elements is on the increase and banks are facing a big problem of bad debts, hence RBI has promulgated new KYC (Know Your Client) norms by which banks are directed to ensure exact identity of the client and his/her financial background before transacting with such people. Any account having suspicious operations, like sudden large inputs or outputs in cash, sudden opening and closures etc are needed to be noted and reported immediately. Securitisation of loans is emphasised with proper valuation process. If banks follow these norms religiously, then the Risk is minimised and the Depositors' money is safe.
Answered by subhash tiwari, 11 Jan '10 07:08 am

 
  
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2.

Criminals are always innovative.
Or else how will they survive ?
Answered by Prakash Chandra, 11 Jan '10 02:11 am

 
  
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3.

This is a routine happening. the regulatory bodies wake up only after the dameage is done
Answered by iqbal seth, 11 Jan '10 09:06 am

 
  
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