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RBI to SC: Have issued norms to monitor use of loan money by realtors
Amidst CBI probes into banks' collusion with builders over subvention schemes, the RBI defends its role, citing issued guidelines to monitor loan usage and prevent harassment of homebuyers. The Supreme Court intervened, protecting homebuyers from coercive actions by banks and builders due to project delays and EMI defaults, acknowledging the 'unholy' nexus.
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