The disposal of applications should be done in a time bound manner, which should be within the overall time limit prescribed by RBI. All banks should tap the available technology and set up Central Registration of Loan Applications.
The same set up can be used by the borrower for tracking of the status of application on the internet on the basis of the receipt issued to him. The borrower may also be provided option of tracking his application over telephone on the toll-free helpline. The same technological setup may also be used for making online applications.