Multiple choice

As per Fair Practice Code for lenders, if a bank receives request from borrower for transfer of his loan account to another bank, the bank is to convey its consent objection within ______ from date of receipt of request.

  1. 30 days

  2. 21 days

  3. 15 days

  4. 10 days
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B Correct answer
Explanation

In the case of receipt of request for transfer of borrowal account, either from the borrower or from other banks / FIs which propose to take over the loan, the banks' consent or objection, if any, shall be conveyed within 21 days from the date of receipt of request.

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