While some banks are showing best practice in this regard, and while some customers in pre-arrears are making early contact with their lenders, we will look closely at whether lenders could communicate more proactively in this area. We are vigorously policing this Code.
The Credit Information Companies (Regulation) Act, 2004 has recently been enacted by the Parliament which is expected to enhance the quality of credit decision making. The Government is considering several major legal amendments to enhance the powers of the RBI.