LOAN ALERTS:-Now the EMI of the bank is not deposited in time, so be ready to face torture, SMS will come daily from July 1

Bad loans are the biggest problem in front of banks. To overcome this problem, the Reserve Bank is continuously working with public sector and private sector banks. According to the instructions of the Reserve Bank, if a customer does not pay EMI from July 1, then he will get daily messages from the bank.

Now the EMI of the bank is not deposited in time, so be ready to face torture, SMS will come daily from July 1
Now the EMI of the bank is not deposited in time, so be ready to face torture, SMS will come daily from July 1

Normally the bank and especially the public sector bank alerts its customers through messages at the end of every month. But the Reserve Bank had recently said that all banks should automate their NPAs. This work will be real time based, due to which banks will not have to manually calculate the NPA at the end of every month.

Explain that the Reserve Bank has fixed the date of June 30, 2021 for automatic identification of bad loans.

The RBI issued a directive in September 2020

In September 2020, the deadline was fixed by the Reserve Bank. In it, RBI had asked banks to upgrade their IT systems so that NPA can be easily identified. Also, it can easily be seen in the bank’s own MIS. Currently, many such works in banks are not fully automated. For example, identifying NPAs, identifying income, such as provisioning are still not fully automated.

RBI has been on alert since the beginning

It is believed that system-based asset classification and automated NPA alert system will increase transparency. This will also boost the confidence of investors, depositors and regulators. RBI had said at that time that due to manual identification of NPA, many times system generated asset classification is ignored. The Reserve Bank has been very alert in this matter from long ago. In August 2011, RBI had asked banks to work properly on their IT infra so that the work like identification of NPAs would be automatic.

Ed.Sourabh Dwivedihttps://www.mpnews.live
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