DL. BC. 112 /20.16.002/2000-01
April 27, 2001
Chairmen/ CMDs/CEOs,
All scheduled commercial banks &
All India notified financial institutions
Dear Sirs,
Disclosure of names of defaulters-
consent clause in loan documents
Please refer to our circular DBOD. No. BC. DL 4/20.16.002/ 99-2000 dated 21st October 1999 regarding inclusion of a consent clause in the loan documents to disclose the names in the event of borrowers becoming defaulters read with circulars DBOD. No BC 68/ DL/20.16.002/2000-2001 dated 12th January 2001 and DBOD No.BC.DL.93/ 20.16.002/ 2000-01 dated 23rd March 2001. In this connection, we invite your attention to paragraph 101 of the policy statement of Governor on Monetary and Credit Policy for the year 2001-2002 in terms of which, banks and financial institutions, which have not yet put the system of obtaining the consent of the borrowers, are advised to complete the process by September 2001.
2. Banks and notified financial institutions are advised to take note of the above statement and complete the process within the stipulated period and confirm compliance to us by 31st October 2001.
3. Please acknowledge receipt
Yours faithfully,
(J.G.Gupta)
General Manager |