RBI to Impose Penalties on Banks for Misplacing Borrowers' Property Papers

This could soon become a possibility if the RBI accepts the recommendations of a high level committee, which it had formed in May last year to review customer service standards in banks and other lending institutions.

The panel led by former deputy RBI governor B P Kanungo, presented its report to the central bank in April this year, and this suggestion is a part of a slew of recommendations made in it.

The RBI has invited comments from stakeholders by July 7 on the committee’s recommendations.

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