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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The Reserve Bank of India (RBI), on Friday, directed banks to bring the processes governing review/ renewal of credit facilities under the scope of audit (concurrent and internal)/ internal control mechanism with immediate effect.
The central bank also advised banks to capture all the data relating to regular as well as ad-hoc/ short review/ renewal of credit facilities in their core banking systems/ management information systems.
Further, banks have to make the same available for scrutiny as and when required by any audit or inspection by auditors/RBI, the central bank said in a circular addressed to Scheduled Commercial Banks (excluding Regional Rural Banks), Small Finance Banks and Urban Co-operative Banks..
The RBI’s directives come in the wake of its analysis of practices followed by the lenders while reviewing/renewing credit facilities bringing out certain supervisory concerns.
These concerns include that of frequent/ repeated ad-hoc review/ renewal of credit facilities, instead of regular review/ renewals.
The central bank also came across non-capturing and/ or inaccurate capturing of review/ renewal data in the banking/ information systems, and non-coverage of review/ renewal activities under the concurrent/ internal audit mechanism.
“In this connection, we reiterate that timely and comprehensive review/ renewal of credit facilities should be an integral part of the board-approved loan policy and credit risk management framework, and banks should avoid frequent and repeated ad-hoc/ short review/ renewal of credit facilities without justifiable reasons,” the RBI said.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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