RBI made changes in the rules of personal loan
RBI made changes in the rules of personal loan, if you do not know soon, you will have to wait!
The Reserve Bank of India has changed the rules of loan. RBI has amended the personal loan limit for directors (RBI new rules for loans). Let us tell you that earlier the personal loan limit for director of any bank was Rs 25 lakh, which has been increased to Rs 5 crore.
RBI’s new rule:
“Banks have no right to lend more than Rs 5 crore from their own bank and to any relative other than the spouse and dependent children of the chairman and managing directors of other banks or the other directors,” the circular said. It is also informed that this rule also applies to a firm. In which any relative or partner is the major shareholder or director, except the spouse and dependent children.
Informing the Board about the loan:
RBI said that only proposals for credit facilities to the borrower of less than ₹ 25 lakh or ₹ 5 crore can be approved by the authority. But the board will decide on it only after informing the board with all the documents.