The government has approved a new digital reporting and communication system to address loan defaults exceeding Rs 50 crore. Instead of relying on paper-based communication, the Union government has introduced a digital mechanism. Under this system, the Central Economic Intelligence Bureau (CEIB) will send digital reports to public sector banks within 15 days of a loan request at the pre-approval stage.
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With the new digital mechanism in place, it is expected that these numbers will continue to rise. This system will make the process smoother and faster for banks, as they can now simply submit a request to CEIB online and receive final reports within 15 days.
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