Borrowers must get 21-day notice before fraud tag: RBI
[ad_1] MUMBAI: RBI has barred banks from unilaterally categorising borrowers as fraud without giving them a hearing. RBI has said banks must give a 21-day show-cause notice to the defaulter, giving them an opportunity to present their case before classifying the account as fraud. RBI has revised its guidelines in response to a Supreme Court…