Banking
Banks have to provide borrowers with a copy of any loan agreement, the Reserve Bank of India (RBI) said on 22 August. According to the RBI, some banks were violating the Guidelines on Fair Practices Code for Lenders and indulging in unfair practices by providing copies of loan agreements only after borrowers requested them. In response, the RBI advised banks and financial institutions that they are required to provide copies of loan agreements to all borrowers at the time of disbursement of loans to prevent disputes between the bank and the borrower at a later stage.
