The directions, issued by the Reserve Bank of India, include the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the Internal Ombudsman. All complaints that are partly or wholly rejected by CreditInformation Companies will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant, it said, adding that the IO will not entertain any complaints directly from the members of public.

Home loan rates have risen sharply in the past fi ve months, from 6.5% to 8.25%. A 20-year home loan taken in 2019 at 6.7% will get repaid in 21 years, even though EMIs have been paid for three years.

The 15-month delay after the National Company Law Tribunal (NCLT) had approved the plan has made lenders wary of the consortium's promises.

"The credit demand from farming in general is high. Fish farming and shrimp farming have shown more demand during the ongoing kharif season," said George Alexander Muthoot, managing director, Muthoot Finance.

Under CGFSEL, default in education loan is covered if the loan limit is ₹7.5 lakh without any collateral security and third-party guarantee. At present, the fund extends guarantee cover against default in education loans sanctioned by public, private and foreign banks.

Compliance risk is the risk of legal or regulatory sanctions, material financial loss or loss of reputation a UCB may suffer as a result of its failure to comply with laws, regulations, rules, and codes of conduct applicable to its activities, the RBI said in a circular.

The meeting, to be chaired by Financial Services Secretary Sanjay Malhotra, will be attended by top management of banks and financial institutions through virtual mode, the sources said.

NARCL has engaged consultants such as EY, PwC, Alvarez and Marsal, KPMG, Grant Thornton to conduct due diligence for the 18 accounts. It will rely on the due diligence reports to finalise binding offers for these accounts.