The RBI has banned the direct selling agents to carry out the physical verification of the borrower’s documents and source retail loans.
For the verification of documents that are outsourced by the banks have been found to have several cases of theft and misuses. So, the physical verification of the borrowers in retails assets such as the credit cards, personal loans in which the KYC is required. The banning of outsourcing procedure related to physical verification will stop lot of illegal banking issues for the bankers and account holders.
- 22 Oct 2019