Banks to do periodic legal audit of loans above Rs 5 crore: RBI

The Reserve Bank of India (RBI) has asked all banks to conduct periodic legal audit of all loans above Rs 5 crore and re-verification of all title deeds, until the loan is fully repaid. The RBI has asked all banks to furnish quarterly reviews to the audit panel on an ongoing basis, which covers all aspects of the loan including the course of action from banks to safeguard against deficiencies, it said in a notification on Friday...